{"id":559128,"date":"2023-11-04T17:00:50","date_gmt":"2023-11-04T17:00:50","guid":{"rendered":"https:\/\/uniquehot.com\/?p=559128"},"modified":"2024-06-11T08:42:56","modified_gmt":"2024-06-11T08:42:56","slug":"bitcoin-price-plunge-to-12000-is-not-foreseeable-analyst-explains-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-plunge-to-12000-is-not-foreseeable-analyst-explains-why\/","title":{"rendered":"Bitcoin Price Plunge To $12,000 Is Not Foreseeable &#8211; Analyst Explains Why"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-and-ethereum-crypto-rally\/\" target=\"_blank\" rel=\"noopener \">Bitcoin price performance<\/a> was one of the brightest stories in the crypto market in the month of October. While some crypto analysts currently have bearish projections for the premier cryptocurrency, others have maintained a positive stance for <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-btc-price-in-november\/\" target=\"_blank\" rel=\"noopener \">BTC\u2019s performance in November<\/a> and beyond.<\/span><\/p>\n<p><span style=\"font-weight: 400\">A crypto analyst known by the pseudonym Mags on the X (formerly Twitter) platform recently offered an insight into Bitcoin\u2019s price action, quelling bearish sentiments around the pioneer cryptocurrency.<\/span><\/p>\n<h2><strong>The Current Cycle Witnessed Its Own Black Swan Event<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Bitcoin enthusiasts and analysts have been closely monitoring the coin\u2019s price movements, with some <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/analyst-raises-red-flag-on-bitcoin-rally-predicts-imminent-retreat-after-35-spike\/\" target=\"_blank\" rel=\"noopener \">skeptics anticipating a significant drop to as low as $12,000<\/a>. Mags, on the other hand, <a href=\"https:\/\/x.com\/thescalpingpro\/status\/22736363?s=20\" target=\"_blank\" rel=\"noopener nofollow\">said on X<\/a> that the recent slow but steady upward trajectory of Bitcoin suggests a different narrative.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/rune-solid-100-rally-hits-barrier-thorchain-price-nears-key-resistance\/\" target=\"_blank\" rel=\"noopener \">RUNE Solid 100% Rally Hits Barrier: THORChain Price Nears Key Resistance<\/a><\/div>\n<p><span style=\"font-weight: 400\">The crypto analyst posited that the current Bitcoin price action resembles a phase of vertical accumulation, hinting at the potential for a parabolic surge in the near future. Mags claimed that people waiting for a substantial price decline seem to be in disbelief.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, Mags suggested that most bearish projections are centered around the potential occurrence of a black swan event. For context, <a href=\"https:\/\/www.investopedia.com\/articles\/trading\/11\/black-swan-events-investing.asp#:~:text=A%20black%20swan%20is%20an,they%20were%20obvious%20in%20hindsight.\" target=\"_blank\" rel=\"noopener nofollow\">a black swan event<\/a> refers to an unpredictable incident that is beyond what is normally expected of a situation and has potentially severe consequences.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the analyst believes that the anticipated black swan event has already occurred. While the black swan event in the 2021 bull cycle was the COVID-19-induced market crash, the current bull cycle witnessed the <a href=\"https:\/\/uniquehot.com\/ftx\/ftx-fraud-missing-9-billion\/\" target=\"_blank\" rel=\"noopener \">FTX exchange collapse<\/a> as its own black swan event.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As a result of FTX\u2019s collapse, Bitcoin price plunged to as low as $15,500. Nevertheless, BTC\u2019s price has been on a gradual ascent and is back up by more than 120% since the market crash. This steady price rise reflects the cryptocurrency&#8217;s robust nature and its ability to bounce back from unforeseen setbacks.<\/span><\/p>\n<h2><strong>Bitcoin Price Overview<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">The Bitcoin price has been on a tear in the past weeks, rallying by more than 25% in the last month. However, it is worth noting that the premier cryptocurrency has <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-key-juncture-34k\/\" target=\"_blank\" rel=\"noopener \">somewhat slowed down<\/a> in the past few days, with only a 1.9% price increase in the past week.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/fantom\/fantom-explode-like-solana-analyst-bullish\/\" target=\"_blank\" rel=\"noopener \">Is Fantom (FTM) About To Explode Like Solana (SOL)? This Analyst Thinks So<\/a><\/div>\n<p><span style=\"font-weight: 400\">As of this writing, Bitcoin is valued at $34,765, reflecting a 1.5% price jump in the past 24 hours. Although the market leader <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-crosses-35000\/\" target=\"_blank\" rel=\"noopener \">breached the $35,000 mark<\/a> and traveled to a high of $35,700 in the past week, it has struggled to maintain momentum and stay above $35,000.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/axQ2X054\/\" alt=\"Bitcoin price\" width=\"2174\" height=\"1442\"><\/p>\n<pre style=\"text-align: center\">Bitcoin price at $34,758 on the daily timeframe | Source: BTCUSDT chart on <a href=\"https:\/\/www.tradingview.com\/x\/axQ2X054\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\"><em>Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price performance was one of the brightest stories in the crypto market in the month of October. While some crypto analysts currently have bearish projections for the premier cryptocurrency, others have maintained a positive stance for BTC\u2019s performance in November and beyond. A crypto analyst known by the pseudonym Mags on the X (formerly Twitter) platform recently offered an insight into Bitcoin\u2019s price action, quelling bearish sentiments around the pioneer cryptocurrency. The Current Cycle Witnessed Its Own Black Swan Event Bitcoin enthusiasts and analysts have been closely monitoring the coin\u2019s price movements, with some skeptics anticipating a significant drop to as low as $12,000. Mags, on the other hand, said on X that the recent slow but steady upward trajectory of Bitcoin suggests a different narrative. Related Reading: RUNE Solid 100% Rally Hits Barrier: THORChain Price Nears Key Resistance The crypto analyst posited that the current Bitcoin price action resembles a phase of vertical accumulation, hinting at the potential for a parabolic surge in the near future. Mags claimed that people waiting for a substantial price decline seem to be in disbelief. Furthermore, Mags suggested that most bearish projections are centered around the potential occurrence of a black swan event. For context, a black swan event refers to an unpredictable incident that is beyond what is normally expected of a situation and has potentially severe consequences. However, the analyst believes that the anticipated black swan event has already occurred. While the black swan event in the 2021 bull cycle was the COVID-19-induced market crash, the current bull cycle witnessed the FTX exchange collapse as its own black swan event. As a result of FTX\u2019s collapse, Bitcoin price plunged to as low as $15,500. Nevertheless, BTC\u2019s price has been on a gradual ascent and is back up by more than 120% since the market crash. This steady price rise reflects the cryptocurrency&#8217;s robust nature and its ability to bounce back from unforeseen setbacks. Bitcoin Price Overview The Bitcoin price has been on a tear in the past weeks, rallying by more than 25% in the last month. However, it is worth noting that the premier cryptocurrency has somewhat slowed down in the past few days, with only a 1.9% price increase in the past week. Related Reading: Is Fantom (FTM) About To Explode Like Solana (SOL)? This Analyst Thinks So As of this writing, Bitcoin is valued at $34,765, reflecting a 1.5% price jump in the past 24 hours. Although the market leader breached the $35,000 mark and traveled to a high of $35,700 in the past week, it has struggled to maintain momentum and stay above $35,000. Bitcoin price at $34,758 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":559130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1122,78790,84460],"class_list":["post-559128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc-price","tag-btcusdt","tag-ftx-exchange"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Plunge To $12,000 Is Not Foreseeable - Analyst Explains Why<\/title>\n<meta name=\"description\" content=\"Many enthusiasts have been closely monitoring the Bitcoin price movements, with some skeptics anticipating a significant drop to $12,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-price-plunge-to-12000-is-not-foreseeable-analyst-explains-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Plunge To $12,000 Is Not Foreseeable - Analyst Explains Why\" \/>\n<meta property=\"og:description\" content=\"Many enthusiasts have been closely monitoring the Bitcoin price movements, with some skeptics anticipating a significant drop to $12,000.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/bitcoin-price-plunge-to-12000-is-not-foreseeable-analyst-explains-why\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-04T17:00:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T08:42:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/iStock-1326202724.jpeg?fit=1254%2C836\" \/>\n\t<meta property=\"og:image:width\" content=\"1254\" \/>\n\t<meta property=\"og:image:height\" content=\"836\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Opeyemi Sule\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/fwOpeyemi\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Opeyemi Sule\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-price-plunge-to-12000-is-not-foreseeable-analyst-explains-why\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-price-plunge-to-12000-is-not-foreseeable-analyst-explains-why\/\"},\"author\":{\"name\":\"Opeyemi Sule\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/f00d04323451aba53c6c7cca439248b8\"},\"headline\":\"Bitcoin Price Plunge To $12,000 Is Not Foreseeable &#8211; 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However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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