Traders are uncertain about the next direction of BTC price, but one analyst says now is a rare long-term buying opportunity.
According to Edwards, the Bitcoin energy value reflects its fair value.
Bitcoin energy value has shown a strong correlation with Bitcoin’s spot price and this suggests that the theory is at least somewhat valid. However, there are some caveats to the theory. One limitation is that Bitcoin's energy value is not always accurate. This is because the mining energy efficiency can vary over time.Additionally, the theory does not take into account other factors that can affect the price of Bitcoin, such as the market’s current demand and supply, and the steps taken by miners ahead of the halving next year.Bitcoin’s spot liquidity data on Binance indicates that buyers are looking at the $24,600 level for support.
The liquidation levels of futures orders from Coinglass shows that buyers are expecting downside to $24,600, with smaller liquidations extending toward $23,000. Notably, the price range between $25,000 and $25,500 has the most leveraged orders in significantly high volumes, making them hot targets for traders.Should the price drop up to the $23,000 level, the buyer's conviction will be tested. A drop below $23,000 would target the $21,451 and $19,549 level from 2022.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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