{"id":31929,"date":"2023-11-04T17:52:35","date_gmt":"2023-11-04T21:52:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31929"},"modified":"2023-11-04T17:52:35","modified_gmt":"2023-11-04T21:52:35","slug":"bitcoin-price-plunge-to-12000-is-not-foreseeable-analyst-explains-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/04\/bitcoin-price-plunge-to-12000-is-not-foreseeable-analyst-explains-why\/","title":{"rendered":"Bitcoin Price Plunge To $12,000 Is Not Foreseeable \u2013 Analyst Explains Why"},"content":{"rendered":"

The 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 BTC\u2019s performance in November<\/a> and beyond.<\/p>\n

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.<\/p>\n

The Current Cycle Witnessed Its Own Black Swan Event<\/strong><\/h2>\n

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<\/a>. Mags, on the other hand, said on X<\/a> that the recent slow but steady upward trajectory of Bitcoin suggests a different narrative.<\/p>\n

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.<\/p>\n

Furthermore, Mags suggested that most bearish projections are centered around the potential occurrence of a black swan event. For context, 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.<\/p>\n

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<\/a> as its own black swan event.<\/p>\n

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\u2019s robust nature and its ability to bounce back from unforeseen setbacks.<\/p>\n

Bitcoin Price Overview<\/strong><\/h2>\n

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<\/a> in the past few days, with only a 1.9% price increase in the past week.<\/p>\n

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<\/a> and traveled to a high of $35,700 in the past week, it has struggled to maintain momentum and stay above $35,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The 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 BTC\u2019s performance in November<\/a> and beyond.<\/p>\n

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.<\/p>\n

The Current Cycle Witnessed Its Own Black Swan Event<\/strong><\/h2>\n

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<\/a>. Mags, on the other hand, said on X<\/a> that the recent slow but steady upward trajectory of Bitcoin suggests a different narrative.<\/p>\n

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.<\/p>\n

Furthermore, Mags suggested that most bearish projections are centered around the potential occurrence of a black swan event. For context, 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.<\/p>\n

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<\/a> as its own black swan event.<\/p>\n

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\u2019s robust nature and its ability to bounce back from unforeseen setbacks.<\/p>\n

Bitcoin Price Overview<\/strong><\/h2>\n

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<\/a> in the past few days, with only a 1.9% price increase in the past week.<\/p>\n

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<\/a> and traveled to a high of $35,700 in the past week, it has struggled to maintain momentum and stay above $35,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-31929","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=31929"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31929\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31929"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}