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Will Bitcoin drop to $91k again in 2024? Watch out for THESE factors
Bitcoin’s recent price drop has left investors worried about the future of the cryptocurrency. With many experts predicting a further decline, it is crucial to identify key indicators that will help us gauge the potential of such a scenario.
The latest data from Glassnode suggests that Bitcoin’s accumulation trend score has dropped significantly over the past two weeks. This metric measures the intensity of buying and selling pressure in the market. As it stands at 0.7, a number closer to one indicates high buying pressure. The decline in this value signifies a lack of investor confidence, which can potentially push the price lower.
Furthermore, Bitcoin’s Average Selling Over Repurchase Price (aSORP) has turned red. This indicator measures the volume of coins being sold at a profit. In a bullish market, such an event would signal a market top. However, in this instance, it suggests that investors are panicking and selling their assets en masse.
Additionally, the Binary Convexity Dominance (CDD) metric has revealed that long-term holders have increased their activity over the past seven days. If these movements were for selling purposes, they may put downward pressure on the market.
On a technical level, Bitcoin’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both indicate a bearish sentiment. Both indicators are trending downwards, which is characteristic of high selling pressure.
Taking all these factors into consideration, it appears that the possibility of Bitcoin dropping to $91k again in 2024 cannot be ruled out.
Source: eng.ambcrypto.com
