A handful of permabears and Bitcoin haters are ready to say this time BTC is going to $0, but these three key price indicators suggest otherwise.
) has fallen to a new 2022 low at $20,100, but the latest calls for the asset’s demise are likely to suffer the same fate as the previous 452 predictions calling for its death.on-chain metrics
they use to determine when BTC is in a buy zone, and now is the time to take a closer look at them. Let’s see what time-tested metrics say about Bitcoin’s current price action and whether the 2021 bull market was BTC’s last hurrah.
Most times, BTC price has had a tendency to briefly wick below this metric and then slowly work its way back above the 200-MA to start a new uptrend. Currently, BTC price is trading right at its 200-week MA after briefly dipping below the metric during the sell-off on June 14. While a move lower is possible, history suggests that the price will not fall too far below this level for an extended period.Along with the support provided by the 200-week MA, there are also several notable price levels from Bitcoin’s past that should now function as support should the price continue to slide lower.
Should support at $20,000 fail to hold, the next support levels are found near $19,900 and $16,500, as
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