- Bitcoin (BTC) still struggles to pull itself up together.
- Glassnode analysts predict BTC downfall is due to huge sellings from Asia.
- BTC should not get below the $45K price range.
The negative aura around the king of cryptos, the Bitcoin (BTC) , gets higher day by day. Accordingly, many market analysts came forward to determine, rather predict the future of BTC. However, fewer were those who really looked into the problem of BTC.
In regards to it, several studies and research were put up depicting various possible reasons. Amidst all this, a group of analysts from Glassnode, a blockchain services provider, puts forth their reasoning.
Moreover, apart from just being their own theory, they put up with all possible data and statistics to determine their reasons. Let’s look into a few.
Asia’s Huge BTC Sell-offs
One of the analysts from Glassnode, basically an on-chain analyst, Johannes took to Twitter to put forth his views. Accordingly, going by the username ‘@ultravirtu’, Johannes tweets sharing certain statistics from the Glassnode stables.
In spite of this, Johannes states that a huge amount of selling force has been created from Asia. Also, he acknowledges that this is the very reason for the current downfall of BTC.
On the other hand, it’s well known that the more a sell off for a particular entity occurs, the higher will be its availability in the market and thus, the price dwindles.
Upon the tweet, Johannes also shares a data sheet depicting the overall sell-offs in Asia alone for the past 1 year into account.
‘New to the Market’ BTC Investors Suffer
Moreover, another analyst from Glassnode, @TXMCtrades, tweets that new BTC investors are suffering worse and may ought to suffer more in future.
Furthermore, @TXMCtrades states that BTC has so far bounced 2 times within the first half of December, 2021. In spite of this, the target level was fixed not to fall below $53K for BTC.
However, BTC crashed even below it, reaching $46K. As a result, this has the most impact on the short term BTC holders, states @TXMCtrades.
In addition, @TXMCtrades terms those who all invested in BTC for less than 5 months, are the ones to suffer deliberately.