Glassnode: Bitcoin May Fall to $17,000

According to Glassnode analysts, the price of Bitcoin could fall to $17,000 as the persistence of the asset price above the June low of $17,600 has fallen on the shoulders of speculators, who could face another wave of capitulation.

The company experts have reached this conclusion based on two metrics.

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One is a balanced price. This is calculated as the difference between the realized price (the purchase price of all coins) and the transfer price (the cumulative value of days’ worth of coins destroyed).

The second is the difficulty regression price, which models the total cost of mining BTC. This is calculated by running a logarithmic regression model between difficulty and market capitalization.

Glassnode analysts have not ruled out another wave of capitulation due to the increasing proportion of “unprofitable” coins available to speculators.