A number of market indicators indicate a possible correction in the cryptocurrency market, as a result of which the price of Bitcoin could drop to $30-31 thousand. warned in a new report from Bitfinex exchange analysts, writes RBC Crypto.
According to experts, currently the average price for purchasing Bitcoin by short-term holders (Short-Term Holder Realized Price – STH RP) is at $30,380, and the difference between this figure and the current price of the asset is the maximum since April 2022.
Analysts write that historically this indicates that the price of Bitcoin has reached a local maximum and may correct to the STH RP level. Thus, the authors of the report expect that the price of the first cryptocurrency in the short term may drop to $30-31 thousand.
In mid-October, Bitcoin began to rise rapidly amid news of the possible approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC). In less than a month, the rate of the main cryptocurrency increased by almost $10 thousand and reached a peak of $38 thousand. In the last 24 hours, Bitcoin has been trading in the range of $36.2–37 thousand.
Currently, several large investment companies are awaiting approval of their own Bitcoin ETFs by the US Securities and Exchange Commission (SEC). The launch of such ETFs is considered in the crypto community to be a catalyst for a new bull cycle in the market.
Source: Cryptocurrency
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