Bitcoin

Terra

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 Crypto analyst <a href="https://twitter.com/ali_charts/status/1679434588626493441" rel="noopener noreferrer nofollow">Ali</a> posed an interesting question to his Twitter followers. "Still waiting for Bitcoin to crash to $12,000?" he asked.&nbsp;The industry saw liquidity problems, bankruptcies and the collapse of Terra and FTX in the past year and forecasts that the Bitcoin price would fall to $12,000 began to circulate. Shortly after the Terra collapse in June 2022, CNBC host Jim Cramer predicted that the price of Bitcoin would drop to $12,000. 
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 Still waiting for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> to crash to $12,000?There's always the chance of a black swan event. But when you look at on-chain data there're more <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> holders who bought between $16,000 &amp; $30,000, than the ones who bought between $31,000 &amp; $42,000.The odds favor the bulls! <a href="https://t.co/cu6ReSFaHq" rel="noopener noreferrer nofollow">pic.twitter.com/cu6ReSFaHq</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1679434588626493441?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 13, 2023</a> 
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 To control inflation, the Fed began raising interest rates aggressively in 2022, which hurt risk assets including Bitcoin. According to estimates, the value of the entire cryptocurrency market declined by around $1.4 trillion last year as a result of falling prices. 
 <a href="https://u.today/71000-btc-bought-by-bitcoin-whales-in-latest-accumulation-move-details" rel="noopener noreferrer nofollow">card</a> 
 Given the events that unfolded in the past year, some projections made at the beginning of the year suggested that <a href="https://u.today/bitcoin-btc-eyes-37k-as-crypto-trader-reveals-rare-price-formation" rel="noopener noreferrer nofollow">Bitcoin</a> would drop as low as $12,000 before rising again. These forecasts proved incorrect, as Bitcoin fell short of the $12,000 target and instead reached yearly highs of $31,000 in the first half of 2023. 
 <h2 id="will-bitcoin-crash-to-12-000">Will Bitcoin crash to $12,000?</h2> 
 Not ruling out the chances of a black swan, an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences, Ali says Bitcoin has a lower likelihood of traveling down to the $12,000 mark. 
 Citing on-chain data, Ali says the odds favor the bulls. This is because more <a href="https://u.today/71000-btc-bought-by-bitcoin-whales-in-latest-accumulation-move-details" rel="noopener noreferrer nofollow">BTC</a> holders bought between $16,000 and $30,000 than those who bought between $31,000 and $42,000. Thus, more reasonably, bulls would jealously guard the range between $16,000 and $30,000 as the stakes are higher. 
 At the time of writing, Bitcoin was down 1.28% in the last 24 hours to $30,354. 
 On-chain analytics firm <a href="https://twitter.com/glassnode/status/1678357739905400832" rel="noopener noreferrer nofollow">Glassnode </a>highlights the importance of where Bitcoin presently trades. It says around 592,000 Bitcoin have a purchasing price of $30,200, near the current spot price. 
 <a href="https://u.today/bitcoin-btc-price-builds-basis-for-move-to-34k-glassnode-co-founder" rel="noopener noreferrer nofollow">card</a> 
 This <a href="https://u.today/bitcoin-btc-price-builds-basis-for-move-to-34k-glassnode-co-founder" rel="noopener noreferrer nofollow">suggests</a> small price fluctuations in either direction might send 3.45% of the circulating supply into a position of profit or loss.
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Will Bitcoin (BTC) Crash to $12,000? Here's Interesting Answer by Crypto Analyst

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