• Two CryptoQuant analysts have opined that BTC’s price will fall below $25,000.
• BTC’s selling pressure has outweighed its buying pressure in the past few days. 

As Bitcoin’s [BTC] weighted sentiment lingers in the negative territory, CryptoQuant analyst Baro Virtual, in a new report, opined that the king coin’s price could fall below $25,000 as long as bearish sentiments remain in the market. 

Baro’s conclusion was based on an assessment of BTC’s Coin Days Destroyed (CDD) on a 21-day moving average. This metric tracks the number of cryptocurrency coins that have been inactive for a certain period of time and then suddenly moved.

According to Glassnode Academy, it is calculated by multiplying the number of coins that have been inactive by the number of days they have been inactive. 

According to Baro, BTC’s CDD metric revealed that the king coin enjoyed three periods of local accumulation on 15 March, 31 March, and 12 April, respectively, after which a period of local distribution began on 20 April.

Local distribution occurs when investors take to selling their holdings, causing the price of an asset to either stagnate or decrease slightly. 

Although BTC lingers in this phase, Baro added, “Bitcoin is still moving within a local uptrend.” However, “the danger of falling to $24,500-25,000 remains within the bearish H&S pattern.”

Sharing the same opinion, another pseudonymous CryptoQuant analyst
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Author: Abiodun Oladokun

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