• Bitcoin’s price has declined from $29,000 to around the $26,000 mark.
• Data shows that BTC might be headed to the bear zone with a decrease in social volume and whale activity.
• Analysts expect a bull run for Bitcoin before the end of this year.
Bitcoin Enters Bear Zone
Bitcoin (BTC)’s price has been consolidating around the $26,000 mark after its sudden decline from $29,000 on August 18th. With recent regulatory scrutiny, data shows that BTC is likely entering a bear market.
Decrease in Social Volume and Whale Activity
According to market intelligence platform Santiment, Bitcoin’s social volume has dropped by almost 88% over the past 24 hours. The number of BTC whale transactions (transactions consisting of at least $100,000 worth of Bitcoin) have also plummeted from 4,210 to 755 over the past day—an 81.5% decrease. Additionally, 6,941.33 BTC have entered exchanges over the past 24 hours—a 77.5% drop from 31,075 coins that flowed into exchanges on August 27th.
Last Quarter of 2023 Crucial for Bitcoin Price
A report on August 25th states that the last quarter of 2023 is crucial for Bitcoin as it approaches its next halving event. An analyst with X (formerly Twitter) handle Filbfilb expects a bull run for Bitcoin before the end of this year according to Pantera Capital who suggests that it could reach up to $148K after halving occursrcejvnfkdvnlknfoeirivneoinvokvieovnklvnfvlnvlknlmvlmvlmnvmvlmvmvmlvvmmv..
Bitcoin Market Performance
At press time, BTC is down by 0.5% in the past 24 hours and trading at $25,910 while holding onto its market cap of around $504 billion with an increase in its 24-hour trading volume surpassing the $8 billion mark by 35%.
Conclusion
Despite recent drops in price and activity metrics indicating a bearish trend for Bitcoin’s future performance; analysts still remain confident about a potential bull run before year-end due to upcoming halving events that are expected to drive prices up significantly