Analytics Company Reveals the Level at Which It Expects Bitcoin Price to Plummet and Find a Bottom

Bitget App

Trade smarter

Bitcoinsistemi2024/09/13 21:00

By:Mete Demiralp

Cryptocurrency analysis company Alphractal shared the level it claims is the floor for the Bitcoin price in its statement.

Cryptocurrency analytics platform Alphractal has identified $46,460 as a potential new price floor for Bitcoin in the near future.

The platform explained in a statement that this figure represents the “Real Market Average Price,” a key metric that reflects Bitcoin’s weighted average network price.

Alphractal emphasized the importance of the Real Market Average Price and recalled its role during past market movements, particularly during the “China Dump” in May 2021. At the time, this metric provided support to Bitcoin for two months, eventually leading to Bitcoin reaching new all-time highs.

Related News SEC Gets Involved in 5 More Altcoins: Claims They Are Securities

According to Alphractal, Bitcoin demand has fallen sharply since March 2024. Market makers appear to be trying to push the price down, making the Real Market Average Price a critical indicator to watch. The platform noted that a smart Dollar Cost Averaging (DCA) strategy would involve closely monitoring this metric, as it has proven to be more reliable than the Realized Price, especially since it excludes mining-related coins.

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!