Analyst supposes bitcoin will fall to $9,000

The crypto enthusiast noticed that several thousand bitcoins, which had been “hibernating” over the past few years, began to move at once. This was written by the founder of Look Into Bitcoin, Philip Swift, with reference to the Whale Shadows indicator.

“And here it is again! Bitcoins that have been dormant for 7–9 years have moved again today,” Swift said.

The description for Whale Shadows says that historically such waves of activity were a prerequisite for significant corrections. And Glassnode pointed out that speculators are using bounces to sell BTC amid weak on-chain metrics. At the same time, the coin rate does not go down to lows due to the lack of significant seller pressure, experts say.

Glassnode believes that the bulls are still unable to consolidate a stable uptrend due to low demand. Analysts are confident that the current situation indicates that the bearish sentiment in the market continues.

At the same time, the hodlers remain unshakable. Glassnode is hoping for the possibility of a bottom formation, as happened in the early periods of downward dynamics.

According to Coinmarketcap, Bitcoin is in the red zone. Its price is about $20'200.

BitOk founder Dmitry Machikhin admits that the price of the main crypto coin can fall to $12,000-$9,000. And the Ethereum rate may drop to $300-$600.

According to the analyst, the current situation in the industry can be called a “crypto winter”. The expert predicts a final drop in quotations along with the decoupling of existing geopolitical threats in Europe this autumn.

“The market will be able to return back to growth after the final decline and months of consolidation. Presumably, these conditions will be met by the II-III quarter of 2023,” Machikhin said.

According to the analyst, the key factors for the cryptocurrency market are the mood in the stock markets and the rhetoric of the US regulator about lending rates and attempts to control inflation. Do you agree with this?