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Bitcoin Could Drop to $25,000, Timothy Peterson Predicts

After the recent decline in the Bitcoin (BTC) price, predictions that more declines could be seen began to be made.

On March 21, investment expert Timothy Peterson, who shared a market assessment on Twitter, talked about the sales made by Bitcoin whales and stated that a deeper correction should be expected.

According to his assessment, BTC wallet addresses with a large amount are decreasing and that is associated with bear markets.

The number of addresses that contain more than 1,000 BTC. Source: Twitter

According to Glassnode data, addresses with 1,000 or more Bitcoins in it decreased for 40 consecutive days. This decline was previously experienced between 2014 and 2018. Peterson made the following statement in the tweet he shared saying:

The drop in large addresses indicates that the Bitcoin price could drop as low as $25,000 in the foreseeable future.

Read also: Is the Bitcoin Rally Ending? Whales Transfer Wealth to Retail Investors

The expert, who shared the chart below of the largest Bitcoin wallet addresses over the past five months, thinks the decline will be very drastic.

Comparison of the Bitcoin price with the largest addresses. Source: Twitter

Peterson also suggested that the new network value would be between $15,000 and $33,000 in the event of a drop to $25,000.

Relative strength index may be warning

Meanwhile, economist? ant Manukyan, who evaluates the price of Bitcoin, is among the names calling for caution. In his analysis shared on Twitter on March 23, he stated that as a result of the decline in the relative strength index (RSI), large investors may reduce purchases. He wrote in his tweet:

The ADX’s action, which shows the strength of the trend in BTC, now shows that we need to take the oscillator (RSI) more seriously. The mismatch in the RSI will not lead a hodler for sale, but it may pull aside for a purchase. I’m following $53,000.

Daily chart of XBT/USD pair. Source: Twitter

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Forecasts

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