While the cryptocurrency market anticipates the Ethereum Merge, Bitcoin appears to be struggling to find momentum. There are high chances of a blanket impact on all cryptocurrencies from the shift to proof of stake. However, even if there is a ripple effect with positive strides from the event, Bitcoin (BTC) could only fluctuate for short duration. In the past few days, BTC went back and forth around the $20,000 mark, raising questions a Bitcoin bottom in short term.
When looked at various price models, formation of the next possible market bottom could be analyzed. The delta price model shows a potential bottom around just below $15,000. This could be the most probable or nearest possible to the actual bottom, given the price movement in recent past. The price projection for the model points to a potential bottom at around $14,478, according to Crypto Quant findings.
“Historically, the market had reached a bottom when the price touched the delta price as in the 2015 and 2018 bear markets. The delta price indicates price could still fall by 28%.”
Whether Bitcoin will plunge further in the near future remains to be seen. Thanks to a series of adverse macroeconomic factors in recent times, the cryptocurrency faced unprecedented external turbulence.
As of writing, BTC stands at $19,782, down 0.94% in the last 24 hours, according to price tracking platform CoinMarketCap. This is drastically low when compared with the recent high of $24,887 reached in mid-August.
The share of Bitcoin among crypto assets by percentage of total market capitalization is on a downward curve. Currently, BTC occupies a market share of mere 39.59%, followed by Ethereum at nearly 19%. The current market share of Bitcoin is almost half of that of January 2022, which was just under 72%. The current levels are significantly lower when compared with the share in recent months. In June 2022, BTC maintained a crypto market share of 47.49%.
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