Will the correction send BTC below $110,000 before the end of the year?
Amid this uncertainty, Bitcoin [BTC] price prediction has become a key topic of discussion as the price continues to face downward momentum.
This trend began with the formation of bearish patterns and ongoing profit-taking after the price recently reached a new high.
This profit-taking and the signs of the price continuing with its momentum are further strengthened by the CVD of on-chain metric spot takings (cumulative volume delta).
According to Cryptoquant's CVD Spot -Taker data, sellers have been dominating the market, indicating strong downward pressure.
The last red bar on the CVD Spot taker chart suggests strong sell orders, or in other words, significant selling pressure in the market. According to past performance, this has also been associated with massive price decreases.
At the time of publication, Bitcoin was at $115,076, down 0.65% in the last 24 hours. The asset has also lost 7.35% in the last five trading sessions and 2.35% over the past week.
This ongoing price decline seems to be affecting trader and investor participation, as Bitcoin's trading volume has decreased by 10% compared to the previous day.
On the daily chart, Bitcoin has already formed a bearish divergence and has since lost 7.3% of its value.
Furthermore, Bitcoin has formed a strong bearish engulfing candle pattern, further strengthening the bearish outlook.
Based on recent price action and historical patterns, this bearish outlook has turned Bitcoin's price prediction negative and could lead to a 4% drop.
If this happens, there is a strong possibility that the asset could drop to $110,750 or even lower.
Currently, the Supertrend technical indicator remains green and hovers below the price of Bitcoin. This suggests that the asset is in an upward trend, with bulls in control...
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