The network's average hash rate at the same time hit a new record high of 348.2 EH/s, reflecting increased miner participation.
This resilience in mining activity indicates that Bitcoin's long-term health remains strong, despite its volatile price.
Impact on Crypto Markets
Bitcoin's decline affected other major cryptocurrencies, with XRP and MATIC suffering nearly 5% losses. Despite the downturn, many investors remain confident in Bitcoin's long-term prospects.
Factors such as the Fed rate decision, on-chain trends, and medium to long term technical indicators suggest that the future of cryptocurrencies is still bright.
Key Levels and Stock-to-Stream Prediction
Bitcoin's recent slide points to possible trouble as it returns to a lower price range, surrendering a critical level of support.
Market watchers should keep an eye on the $27,600 threshold, which can be breached but calls for a quick rebound.
Failure to cross $28,800 could push the price down to $26,200.
#Bitcoin is currently showing w
Broke back in the range, lost one of the crucial levels.
Final crucial level is at $27,600. Could take liquidity below, but needs a fast recovery.
If not, and no break of $28,800, then I suspect we'll see $26,200. pic.twitter.com/TuCaFq8eIk
— Michaël van de Poppe (@CryptoMichNL) April 21, 2023
Meanwhile, the stock-to-flow (S2F) model offers guidance for future price points, highlighting $32,000 as the S2F standard deviation range of 1, $60,000 as the pre-split S2F model value, and $100,000 as the lower end of the $100,000-$1,000,000 range. which is centered around the expected S2F value of $532,000 after the 2024 split.
My Jan 12 prediction is in line with the S2F model:
1) ~$32K is S2F 1 standard deviation band
2) ~$60K is S2F model value and just before halvings (dark blue) BTC seems to hit S2F model values
3) $100K is the bottom of my 100K-1M range around $532K S2F model value after 2024 halving https://t.co/V74Y8VYCVo pic.twitter.com/EVqO6jWH6X— PlanB (@100trillionUSD) April 20, 2023
Follow us on
Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Petik.net is not responsible for profits and losses arising from investment decisions.
The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Cryptocurrency investments are subject to market risks, and readers should exercise caution and do their due diligence.
