As the crypto market declines below $1 trillion, the price of Bitcoin (BTC) slips below $19,000. The price of the largest cryptocurrency is still fluctuating between $18,000 and $24,000, which keeps investors on edge wondering where the price will go next.
After the latest sell-off, Bitcoin was unable to recapture the $20,000 mark. The likelihood of recovery is dimmed by weak macroeconomic conditions, bearish sentiment, and a significant selloff in whales and mining stocks. These indicators are present when Bitcoin’s market share falls to an all-time low.
Will BTC Price Rise above $20k?
According to Glassnode data, the amount of Bitcoin supply that was held in reserve for more than a year has risen to a new all-time high of 12.589 million. Therefore, around 66% of the supply that is now in circulation is inactive. Additionally, the growing latent supply is a sign of a bear market. It indicates that the bear market for the price of Bitcoin (BTC) has gotten worse.
Recently, a number of inactive whale addresses have started trading their Bitcoin (BTC) holdings. A whale that had been dormant for seven to ten years old 5000 BTC in a single block, and a whale that had been asleep for nine years sold 5000 BTC to the cryptocurrency exchange Kraken. After several years, the movement of inactive bitcoins is a significant bearish indication.
Dormant whales and miners may be selling their BTC holdings to cause the next Bitcoin decline. Additionally, September appears to be a poor month for Bitcoin once more as BTC options and futures expiry will see liquidations.
Most likely, the price of Bitcoin will drop below $15,000. In the past, the price of one bitcoin has fallen to the $14,478 delta level. Peter Brandt and Big Cheds, two well-known analysts, previously issued a warning that the BTC price runs the risk of dropping to $13k because there is no solid support below $19K.