Bitcoin Price Forecast For Next Week: Here’s Why BTC Will Continue To Struggle Below $38K


18 Nov 2023 5:08 PM

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.

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You May Ask

What caused the setback in the Bitcoin market's upward trend?How has on-chain activity for Bitcoin increased recently?What is the significance of addresses holding over 1,000 BTC accumulating the largest total in 2023?What factors could push the Bitcoin price above $38K or below $35K?What is the current BTC price and what is the short-term outlook for its price movement?

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