Analyst Forecasts BTC’s Price Will Drop to Between 11-14K

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• Glassnode alerts tweeted that BTC’s realized cap has dropped to a 14-month low.
• BTC is trading at $16,200 after dropping 2.17%.
• Toni Ghinea believes that BTC will reach between 11-14k at the end of the year.

Glassnode Alerts (@glassnodealerts) tweeted this morning that the realized market cap for Bitcoin (BTC) just reached a 14-month low of $388,646,856,528.36. The tweet also added that the previous 14-month low of $388,648,702,967.83 was observed on 27 November 2022.

BTC is currently trading at $16,200 after the crypto market leader’s price dropped 2.17% over the last 24 hours, according to CoinMarketCap. Despite this, BTC’s price is still up 0.47% over the last week.

Since Glassnode Alerts’ tweet, the realized cap of BTC has dropped even further as the current market cap of Bitcoin is currently at $311,421,446,119,085. Meanwhile, the realized market cap for BTC is around $340,311,157,692 at press time.

Looking at the 24-hour trading volume for BTC, the figure has risen 38.20% – taking the total trade volume to $25,193,942,025.

The crypto analyst, Toni Ghinea (@ToniGhinea), tweeted his prediction for BTC yesterday. According to the crypto analyst, “$BTC/$USD Last leg to 11-14k.” The tweet added that the bottom for BTC will be printed between December this year to Q1 2023. Thereafter, the analyst forecasts a “strong reversal” to $30k.

Weekly chart for BTC/USDT (Source: CoinMarketCap)

The weekly chart for BTC/USDT is still bearish as the weekly 9 EMA is positioned below the weekly 20 EMA, and the weekly RSI line is positioned below the weekly RSI SMA line. These bearish indicators suggest that BTC’s price will drop more or, at the very least, will trade within a consolidation channel for this year’s remaining weeks.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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