Bitcoin Ready for Another 40% Price Correction As Per This Model

As per the PoW Floor pricing model, the BTC price can further drop by another 40% and under $15,000 levels, reports popular crypto journalist Ali Martinez. As per historical patterns, this would mark the end of bearish trends. Not necessary that the BTC price would drop to the $14,800 level as Bitcoin has very strong support at $20,900.

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Bitcoin volatility currently remains subdued as investors are awaiting the outcome of the SEC’s decision on spot Bitcoin ETF to come y early September. Probably, there could be more clarity after a week’s time as to where the BTC price is heading ahead.

After a notable collapse and a subsequent cascade of liquidations, prices have entered a period of stagnation. Just a short while ago, the markets experienced a loss of over $1 billion. This upcoming week will be significant, with various events scheduled, indicating a likelihood of increased volatility.

Bitcoin Transaction Volume At 3-Year Low

On-chain data shows that the transaction volume for Bitcoin has dropped to its 3-year lows. As per the data from Santiment, this includes the amount of peer-to-peer payments, miner fees, exchange fees, and withdrawals.

Courtesy: Santiment

Analysts have also been flashing warning signals for investing in Bitcoin at this point. Considering previous cycles, the months of August and September have been periods of correction for Bitcoin and the broader crypto market.

Bloomberg’s senior commodity strategist Mike McGlone explains that Bitcoin has already given a strong rally this year. Thus, one cannot expect its price to continue going higher from here onwards. Let’s wait for what the SEC has to say on the spot Bitcoin ETF applications filed with them.

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