As the crypto-currency market anticipates the Ethereum meltdown, bitcoin seems to be struggling to find momentum. There is a good chance that the move to proof of stake will have a global impact on all crypto-currencies. However, even if there is a ripple effect with positive advances from the event, bitcoin could only fluctuate for a short period of time. In recent days, BTC has been moving back and forth around the $20,000 mark, raising the question of a Bitcoin floor in the short term.
What could be bitcoin’s next floor?
Looking at various price models, we can analyze the formation of the next possible market floor. The delta price model shows a potential floor just below $15,000. This could be the most likely or closest possible to the actual floor, given the price movement in the recent past. The model’s price projection shows a potential bottom around $14,478, according to Crypto Quant’s findings.
“Historically, the market had reached a bottom when the price touched the delta price as in the bear markets of 2015 and 2018. The delta price indicates that the price could fall another 28%.”
It remains to be seen whether bitcoin will plunge further in the near future. Thanks to a series of unfavorable macroeconomic factors of late, the crypto-currency has been facing unprecedented external turbulence.
As of this writing, BTC is at $19,782, down 0.94% over the past 24 hours, according to Coingecko. This is drastically low when compared to the recent high of $24,887 in mid-August.
BTC dominance on a downward curve
Bitcoin’s share among crypto-assets as a percentage of total market capitalization is on a downward curve. Currently, BTC has a market share of only 39.59%, followed by Ethereum at nearly 19%. Bitcoin’s current market share is almost half of what it was in January 2022, which was just under 72%. Current levels are significantly lower compared to the share in recent months. In June 2022, BTC maintained a crypto-currency market share of 47.49%.