The post Analyst Shares Top 3 Reasons Why Bitcoin (BTC) Price May Drop to $12,000 appeared first on Coinpedia Fintech News
The Bitcoin price has somehow managed to rise close to $16,500 levels despite the crypto space witnessing a fresh ripple effect of FTX fallout. BlockFi, a popular trading platform initially halted user withdrawals and now has filed for bankruptcy. It was speculated that this may ignite a fresh bearish wave, dragging the price below $16,000. But the bulls exhibited their strength and raised the price close to $16,500.
Despite the bullish breakout, the star crypto continues to remain under bearish captivity for a long. A popular analyst, Willy Woo provides 2 scenarios which substantiate the bearish reversal of the asset in the coming days.
CVDD Floor Price Tested
CVDD or Cumulative Value Days Destroyed picks the bottom of the market. Woo says that the CVDD model may establish a new floor price for the BTC price as a fresh generation of investors may have entered
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