Bitcoin Price Analysis: A Steady Decline Following a Peak
After reaching the dazzling $20,000 mark not that long ago, Bitcoin is on the slow and steady way down from its highest point yet.
Until now, every major drop has been accompanied by high volumes, with low volumes leading to significant hikes. It’s not the best dynamic, as it shows that the supply overtakes the demand. We might be at a tipping point for the currency – something known as the “Last Point of Supply” or simply LPSY. This means one thing – the highest price point in this cycle has been reached, and we are looking at the downward trend in the nearest future. The demand has pretty much been exhausted at this point.
This does not mean that the Bitcoin value will plummet, but we should be prepared to see the lower end of the trading range. There should be enough momentum to stabilize the prices and check the price drops, however, passing the LPSY means the prices are on the way down.