Chances of Bitcoin’s ‘drop below $20k as of any month-end is very small’ – Here’s why
In the last few days, Bitcoin dominated headlines as it surged past the $24K barrier, which remains an important psychological level.
Along with BTC’s prices, the skepticism around the spike also increased, with many calling the uptick to be a bull trap.
However, new data from an analyst suggested that even though BTC prices may fall, the decline will not be too drastic.
Read BTC’s Price Prediction 2023-2024
According to analyst Timothy Peterson, the chances of Bitcoin dropping below the $20k mark is less than 1%. Timothy believes that most investors would quickly buy any dips below $20k.
One of the factors cited behind this reasoning was- 50% of all risk asset holders are waiting to buy dips.
In case, if the king coin goes back to the $20,000 level, it surely would impact the short-term holders. But this would be a good opportunity for the long-term holders.
Notably, the number of long-term HODLers of Bitcoin grew immensely in the past few days, according to data provided by glassnode.
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