Bitcoin Price Prediction: Bitcoin (BTC) Reaches Historical Bear Markets Bottom
Bitcoin (BTC) price holds above the $16.5k level despite the collapse of FTX crypto exchange. While mathematical models and veteran analysts predict $14,000 as the BTC bottom, some analysts including Michael van de Poppe suggests Bitcoin price may recover based on historical data.
Will Bitcoin (BTC) Follow Historical Patterns This Time?
Popular crypto analyst Michael van de Poppe in a tweet on November 26 shared Market Value to Realized Value (MVRV Ratio) data of Bitcoin. According to MVRV ratio data, Bitcoin has reached the same level as the previous bear markets.
Historically, BTC price has recovered from these levels in November 2018, January 2015, and November 2011. While Bitcoin has mostly followed its historical chart patterns, most don’t think Bitcoin will follow the data this time. People expect Bitcoin to fall even more as the crypto market still remains under pressure.
However, Michael van de Poppe recommends accumulating and holding Bitcoin at the current level for short-term and long-term periods. Bitcoin price could soar to $18,400 if it breaks above the $16,800-17,000 range. Whales have already started buying the dip as Bitcoin and Ethereum fell below support levels.
According to on-chain data, the ratio of BTC, which looks purchased between 1 week and 1 month, recently reached 3% of total UXTO. It is the lowest point based on this downtrend, but it has been increasing since the FTX crisis. It suggests that some are accumulating Bitcoin for the long-term perspective.
Bitcoin (BTC) Price Remains Strong Above $16.5K
Bitcoin price currently remains strong above the $16.5k level. In the last 24 hours, the BTC price saw a high of $16,666.
At the time of writing, BTC price trades at $16,580, up nearly 1% in the last 24 hours. Meanwhile, Ethereum has shown much price action, rising over 3% in the last 24 hours. Whales have started accumulating Ethereum this week, with nearly $150 million moved by whales in the last 24 hours.
Also Read: Genesis FUD Subdues As Grayscale Bitcoin Trust (GBTC) Recovers
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