Bitcoin Price Forecast For Next Week: Here’s Why BTC Will Continue To Struggle Below $38K
Here's why Bitcoin might struggle to break the $38K barrier next week, despite increased on-chain activity....
- The SEC's postponement of decisions regarding spot ETFs caused a setback in the Bitcoin market's upward trend, leading to profit-taking by investors.
- On-chain activity for Bitcoin has increased, with a rise in transaction fees and volume.
- Addresses holding over 1,000 BTC have accumulated the largest total in 2023, indicating robust demand from major Bitcoin institutions.
- Despite bullish on-chain metrics, the Bitcoin price may remain below $38K due to profit-based selling.
- The current BTC price is $36,760, with a short-term rally expected but potential resistance at $38K.
- Positive news could push the BTC price above $38K towards $40,000, while a break below $35K may lead to further price decline.
The article provides a mix of positive and negative sentiment. Positive sentiment is seen in the increased on-chain activity, accumulation by major Bitcoin institutions, and the potential for a price rally with positive news. Negative sentiment arises from the setback caused by the SEC's decision and the possibility of the Bitcoin price remaining below $38K due to profit-taking.