Dylan LeClair, crypto analyst at Paradigm 21 said that Bitcoin price is falling steadily, possibly to US$24,300, based on recent developments.
Bitcoin price continued to fall on Monday (9/5/2022) to its lowest level intraday around US$33,196 on Bitstamp. This is the lowest since July 23, 2021. LeClair explained what the causes were and how the future projections were.
Dylan LeClair said that the worst may be far from over, as Bitcoin has historically fallen to its realized price, currently around US$24,300.
Adip down to it’s realized price (average on-chain cost basis) is entirely possible and has been consistent with previous market bottoms in bear market cycles.
Realized price is $24.3k at the moment.[1/3]
— Dylan LeClair (@DylanLeClair_)
This is reflected in Glassnode’s data, showing that BTC’s hash rate is now at a one-month low. This reflects, that Bitcoin miners are withdrawing themselves from the mining business.
️Hash Rate just reached a 1-month low of 28,149,143,466,737,700,864
Previous 1-month low of 29,360,483,969,168,699,392 was observed on April 19, 2022
— glassnode alerts (@glassnodealerts)
According to the Crypto Fear & Greed Index, the crypto market is now at the level of “Extreme Fear”, which reflects a very acute concern.
Similar projections were made earlier by several leading analysts. Leading Bitcoin analyst, Tone Vays argues, that Bitcoin price strengthened after touching, most likely November 2022 later. This reflects continued market decay, as Tone Vays himself had projected.
The latest projection by Tone was delivered atwhen the price of Bitcoin began to enter the region of US $ 35 thousand.
Meanwhile, analyst at Fairlead Strategies, Katie Stockton, said that: support the strongest Bitcoin price is. This confirms the market is still very bearish and will be followed by the next weakening.
“Crypto markets are a bit quiet at the moment, including Bitcoin (BTC). Based on our study, the price of Bitcoin (BTC) will find its strongest support at around US$27,200,” said Stockton toThursday (5/5/2022) when the Bitcoin price was around US$39,500, rising fast compared to the previous day, after announced an increase in the benchmark interest rate.
The current decline in the crypto market has been affected by the strengthening of the dollar since the Fed announced the rate hike. Investors are slowly abandoning stocks and cryptos that are considered risky at the moment.
It is estimated that the Fed will also reduce their assets gradually starting in June and throughout the year. The Fed’s tough move is also predicted to bring a major recession next year. At that time, according tothe crypto market will be the best choice. [ps]