Bitcoin [BTC]’s bull and bear tug-of-war may have traders waiting for a long time

ambcrypto.com:

The entire crypto community got excited as Bitcoin [BTC] registered a slight uptick in the last few days. This development gave investors hope for a possible bull-rally in the coming days. Bitcoin’s value increased more than 5% in the last seven days. 

Furthermore, at press time BTC was trading at $20,199.18 with a market capitalization of $386,873,518,560. However, several analysts and influencers are indicating that the excitement might as well turn into misery. They also predict a possible bear market condition over the coming days. 

BaroVirtual, an author and analyst at CryptoQuant, recently published ananalysis that indicated a decline in BTC’s price. In his analysis, he pointed out something interesting that backed the above mentioned possibility.

According to the data shown, the current value of miner transfers to spot exchanges (hourly) stood at 10.4537 as of 14 September. This figure was a sign of bears as past records indicated that an increase in miners’ transfers to spot exchanges was often followed by a drop in BTC’s price.

Source: CryptoQuant

Interestingly, a similar prediction was made by Mac, a popular Twitter-based crypto influencer. The Twitter user shared his thoughts that BTC could go down to $17,000 in the days to come.

«Mac why aren't you posting x10-x50 #altcoin lists?»

Because now isn't the time to be exposed to the market. If you studied my pinned Tweets you know this.$BTC is going to ≈ $17,000.

Bull market will be back. I will bring u the next $MATIC n $SOL, patience. pic.twitter.com/ddca1voc28

— Mac