• Bitcoin (BTC) is currently trading at 10-week lows, but one analyst suggests investors ignore the “panic” and focus on the long-term.
• Philip Swift, creator of data resource LookIntoBitcoin, believes that Bitcoin could return to $20,000 in the coming months.
• Trader activity this week is also showing signs of “exhaustion” according to Checkmate from Glassnode.
Bitcoin Holds $20K Realized Price
Bitcoin (BTC) is currently trading at ten-week lows despite having resided in a range just $4,000 wide since mid-March. Even with this downturn, longtime analyst Philip Swift has suggested investors ignore the “panic” and focus on BTC’s long-term strength by looking at its realized price — which currently sits just above $20,000 according to LookIntoBitcoin.
Swift: “Big Moves Are Coming”
Lead on-chain analyst from Glassnode Checkmate commented on trader activity this week showing signs of “exhaustion” as measured by their Sell-side Risk Ratio metric — which is now approaching its lowest ever recorded levels. This suggests that no one is interested in selling at current prices regardless of their particular investment position. With this being said, Swift believes that there are “big moves coming” for BTC in the near future.
Cycles Begin Each Time Spot Price Breaks Above Realized Price Line
According to Swift’s chart showing cycles beginning each time spot price breaks above the realized price line followed by real BTC/USD upside 140 days afterward, he believes that Bitcoin could still return to as low as $20,000 in the coming months before eventually hitting higher highs than we have seen before now.
Analysts Eyeing Big BTC Upside
Despite market volatility and panic amongst some investors due to Bitcoin’s recent downturns many analysts remain bullish on BTC’s prospects for further growth over the longer term — with many eyeing even bigger upside potential for Bitcoin in 2021 and beyond.
Conclusion
Overall it appears that despite short term market volatility and bearish sentiment amongst some investors many analysts remain confident about Bitcoin’s long-term prospects and view current prices as an opportunity rather than something to fear or be fearful of — with big moves likely imminent for BTC over the course of 2021.