Bitcoin on its way to $ 23K with Grayscale’s BTC as the accelerator?

On July 18, 16,240 BTC will be available again on the market, with potential effects on the price of Bitcoin.

In such a tense market characterized by a low volume of transactions, any event can have a significant impact on the price of the first cryptocurrency. However, on July 18, no less than 16,240 bitcoins will tumble.

Indeed, many institutions have invested in shares of the Grayscale Bitcoin Trust (GBTC). Bitcoin is thus placed in escrow for a specified period. In July, the unlocking of these assets takes place.

16,240 bitcoins on sale soon?

Investors can then choose to resell, which would cause the BTC price to drop sharply. But, it is especially on July 18 that this event will be the most significant with the release of 16,240 of the 40,000 BTC of the GBTC.

And traders are very divided on the consequences of this meeting. Rise, fall or without impact on the price of Bitcoin, opinions are not decided. This uncertainty may partly explain the current decline in price.

Bitcoin is now trading below the $ 33,000 threshold, hovering around $ 31,000. For the director of investment firm DoubleLine, BTC is clearly heading for a near-term decline. Jeffrey Gundlach even suggests a price of $ 23,000.

But that’s not necessarily bad news. At the same time, the expert believes that this price would encourage Bitcoin purchases, and therefore an increase in the future. To advance this hypothesis, Gundlach relies on graphical analysis.

The BTC curve would thus draw a “head and shoulders” type model. And without being a follower of it, the leader of DoubleLine nevertheless considers the trend that is emerging as ” quite convincing “.

If BTC falls below $ 31K, it would drop to $ 29 and $ 24K

“The $ 23,000 neutral turn was obviously too early, but I have a feeling you’re going to be able to buy it again under $ 23,000,” he told CNBC. The current price chart looks “pretty scary,” warns the investor.

Other traders also fear a sharp decline in Bitcoin, particularly due to the setbacks of the first exchange, Binance. By falling below $ 31,000, BTC is exposed to a series of declines, according to Michaël van de Poppe.

According to the trader, the $ 31,000 is the last hope to avoid it. ” Bitcoin failed to hold the $ 32.4K level as support and plunged lower, through which it faces the last area of ​​support to hold (the $ 31-31.5K region). 

The next possible? ” If this one is lost, $ 29K and $ 24K are the next zones He warns. Yet at the same time, as Glassnode observed, investors are accumulating BTC. The signal should be encouraging. The current trend is also more seasonal than emotional.

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