Assessing the odds of Bitcoin [BTC] looming below $12,000

Bitcoin [BTC] could soon loom below $12,000 - Here’s why

was no sign of intensified buying pressure. Rather, it was a cue to save investors from being victims of another collapse.implications

of the market drawback. Long-term investors were possibly in the fray because of the status of the Network Value-to-Transaction . According to Santiment, the BTC NVT with circulation was 112 at press time. Since it pointed to a hike from the value recorded on 17 November, it implied thatwas more than the daily circulation of the cryptocurrency. It was a similar circumstance with the NVT/volume comparison.

Thanks to a one-day increase to 57.53, it implied that Bitcoin is a potentially overvalued asset at its current price. In addition, the network remains extremely expensive, compared to the value of the asset. Hence, mid to long-term holders might need to exercise a high level of patience before catching a glimpse of respite.Subscribe to get it daily in your inbox.

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