{"id":502099,"date":"2022-09-13T23:00:09","date_gmt":"2022-09-13T23:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=502099"},"modified":"2024-06-11T12:02:25","modified_gmt":"2024-06-11T12:02:25","slug":"bitcoin-must-hold-this-level-or-risk-falling-to-10000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-must-hold-this-level-or-risk-falling-to-10000\/","title":{"rendered":"Bitcoin Must Hold This Level Or Risk Falling To $10,000"},"content":{"rendered":"<p class=\"p2\">Bitcoin has seen a remarkable recovery trend that has caused its price to surge past $22,000 once more. This is a welcome development for the digital asset, which has been suffering from many dips, but it is not all rosy for the cryptocurrency. Since the market continues to remain in a bearish trend, there are levels that bitcoin must maintain above to keep such high prices. Otherwise, it risks falling more than 85% from its all-time high.<\/p>\n<h2 class=\"p2\">Bitcoin Must Hold Above $17,000<\/h2>\n<p class=\"p2\">Many prominent figures in the finance industry have shared their thoughts about where they see the price of bitcoin going. One of those is Clem Chambers, CEO of Online Blockchain plc (OBC). Chambers, who is also widely known as a financial analyst has said that for the digital asset to continue to rise, it must make sure not to fall below $17,000.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><em><strong>Related Reading: <a href=\"https:\/\/wncen.com\/news\/cardano\/heres-where-investors-expect-cardano-ada-price-to-be-at-the-end-of-september\/\">Here\u2019s Where Investors Expect Cardano (ADA) Price To Be At The End Of September<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">In the <a href=\"https:\/\/www.youtube.com\/watch?v=pQoGhttnVac\" rel=\"nofollow\">interview<\/a> that was carried out by Daniela Cambone for Stanberry Research, the financial analyst explained that bitcoin is likely to reach $40,000 if it maintains strong momentum. However, there is still a high chance that the price will reach the dreaded $10,000 if it fails to hold the $17,000-$18,000 level.<\/p>\n<p class=\"p2\">Interestingly, even though the price of bitcoin is currently up, Chambers believes that the bearish scenario is more likely in this case. This means that the analyst expects the price to fall below $17,000 and reach as low as $10,000.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/pR4eoAZy\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"3284\" height=\"1760\"><\/p>\n<pre style=\"text-align: center\">BTC price drops below $21,000 | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p2\">Chambers\u2019 outlook is in line with what has been recorded in the cryptocurrency market in the past. The assets tend to lose about 80-85% of their prices and even more in extreme cases. This historical trend actually puts bitcoin\u2019s price close to $10,000 before the bottom is in.<\/p>\n<h2 class=\"p2\">But What Does BTC Say?<\/h2>\n<p class=\"p2\">Most of the pump in the crypto market recently has been courtesy of the impending Ethereum Merge. The network had dragged the rest of the market with it by triggering a rise in interest in the space. However, since others such as bitcoin are only riding the coattails of Ethereum, there is not as much propping it up.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><em><strong>Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/crypto-traders-bleed-heavily-after-betting-against-market\/\">Crypto Traders Bleed Heavily After Betting Against Market<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">Relief rallies such as the one currently being experienced by the market have always led to profit-taking, which increases the selling pressure in the market. Glassnode points to this in its report, where it notes that there is profit taking at the present level, much like what was experienced back in June, bringing the loss dominant regime to a low 0.58, putting it firmly in bear territory.<\/p>\n<p class=\"p2\">Going by this, Chambers\u2019 prediction for bitcoin being more likely to fall below $17,000 than recover to $40,000 swims into clearer view. However, the <a href=\"https:\/\/app.intotheblock.com\/coin\/BTC\" rel=\"nofollow\">profit margins of BTC holders have continued to rise<\/a> during this time, triggering stronger hold sentiment among investors.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p2\">Accumulation has swiftly followed this, although not as strong as needed to push the price past $30,000. The number of new BTC addresses has seen a significant tick, as well as the holdings of old BTC addresses, pointing to said accumulation trend.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<pre style=\"text-align: center\">Featured image from Coinpedia, chart from TradingView.com<\/pre>\n<p><span class=\"s1\"><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\"><b><i>Best Owie on Twitter<\/i><\/b><\/a><b><i> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has seen a remarkable recovery trend that has caused its price to surge past $22,000 once more. This is a welcome development for the digital asset, which has been suffering from many dips, but it is not all rosy for the cryptocurrency. Since the market continues to remain in a bearish trend, there are levels that bitcoin must maintain above to keep such high prices. Otherwise, it risks falling more than 85% from its all-time high. Bitcoin Must Hold Above $17,000 Many prominent figures in the finance industry have shared their thoughts about where they see the price of bitcoin going. One of those is Clem Chambers, CEO of Online Blockchain plc (OBC). Chambers, who is also widely known as a financial analyst has said that for the digital asset to continue to rise, it must make sure not to fall below $17,000. Related Reading: Here\u2019s Where Investors Expect Cardano (ADA) Price To Be At The End Of September In the interview that was carried out by Daniela Cambone for Stanberry Research, the financial analyst explained that bitcoin is likely to reach $40,000 if it maintains strong momentum. However, there is still a high chance that the price will reach the dreaded $10,000 if it fails to hold the $17,000-$18,000 level. Interestingly, even though the price of bitcoin is currently up, Chambers believes that the bearish scenario is more likely in this case. This means that the analyst expects the price to fall below $17,000 and reach as low as $10,000. BTC price drops below $21,000 | Source: BTCUSD on TradingView.com Chambers\u2019 outlook is in line with what has been recorded in the cryptocurrency market in the past. The assets tend to lose about 80-85% of their prices and even more in extreme cases. This historical trend actually puts bitcoin\u2019s price close to $10,000 before the bottom is in. But What Does BTC Say? Most of the pump in the crypto market recently has been courtesy of the impending Ethereum Merge. The network had dragged the rest of the market with it by triggering a rise in interest in the space. However, since others such as bitcoin are only riding the coattails of Ethereum, there is not as much propping it up. Related Reading: Crypto Traders Bleed Heavily After Betting Against Market Relief rallies such as the one currently being experienced by the market have always led to profit-taking, which increases the selling pressure in the market. Glassnode points to this in its report, where it notes that there is profit taking at the present level, much like what was experienced back in June, bringing the loss dominant regime to a low 0.58, putting it firmly in bear territory. Going by this, Chambers\u2019 prediction for bitcoin being more likely to fall below $17,000 than recover to $40,000 swims into clearer view. However, the profit margins of BTC holders have continued to rise during this time, triggering stronger hold sentiment among investors.\u00a0 Accumulation has swiftly followed this, although not as strong as needed to push the price past $30,000. The number of new BTC addresses has seen a significant tick, as well as the holdings of old BTC addresses, pointing to said accumulation trend.\u00a0 Featured image from Coinpedia, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":502105,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,1144,78790],"class_list":["post-502099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Must Hold This Level Or Risk Falling To $10,000<\/title>\n<meta name=\"description\" content=\"Bitcoin has seen a remarkable recovery trend that has caused its price to surge past $22,000 once more. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. 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With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. 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