The cryptocurrency situation remains relatively stable today. Most of the top coins in terms of market capitalisation have seen a slight dip over the past 24 hours.

Top cryptocurrencies by market capitalisation

Despite this, some analysts admit a large-scale collapse of BTC exchange rate in the next year. On the eve, Standard Chartered representatives said that Bitcoin may well collapse to $5,000 in 2023. However, experts say that the likelihood of such a collapse is quite low.

How much longer will Bitcoin fall?

The analyst broke down the current trading situation of the main cryptocurrency in a series of posts on Twitter. Here’s one of them.

Over the past few months, I’ve seen many opinions that Bitcoin falling below the 200-week moving average is an unprecedented event, and it’s useless to predict anything right now – especially given the time BTC has spent below the aforementioned line. That’s why I think the blockchain data is now showing more than the lines on the chart.

200 SMA on the 1-week Bitcoin chart

According to Cointelegraph sources, Bitcoin’s price fell below the 200 SMA on the scale of the 1-week chart in mid-August. Since then, BTC has been interacting with the line as resistance for almost four months – and this is indeed a record in the cryptocurrency’s history.

The 200 SMA on Bitcoin’s 1-week chart on a larger scale

Next, a user nicknamed Superswell mentioned the cryptocurrency’s supply metric in profits. As you can see from the chart, the metric has not fallen below the values set during previous bearish cycles.

Percentage of Bitcoin supply in profit

Another indicator is the percentage of transaction volume in profit. It, too, is so far within historical values.

Percentage of blockchain transfers in profit

The analyst mentions several other metrics where a similar picture is observed as an example. Here is another quote on the subject.

I could go on, but it’s pretty clear here. A single 200-week SMA should not be used to determine if we are away from previously targeted support or resistance levels. From a blockchain perspective, the bearish trend so far follows the same scenario as previous such cycles.

Ex-CEO of MicroStrategy Michael Saylor

“Cryptozyme has been particularly challenging this year due to the bankruptcy of some major platforms in the industry, including the popular crypto exchange FTX. According to active Bitcoin maximiser and head of MicroStrategy Michael Saylor, the blame for what happened should definitely be placed on Sam Bankman-Friede, the founder and now former CEO of FTX.

Saylor said that for years there had been a “simmering guerrilla war” between Bitcoin-maximalists and the rest of the community over the practice of “shithcoing”. From Sailor’s perspective, Sam was a “model” of the latter.

There is something unethical about being able to issue your own unregistered securities. Sam and most people in the cryptocurrency world have always been guilty of the sin of shithkoing.


Note that Saylor regularly promotes the version that cryptocurrencies other than BTC are unregistered securities. Moreover, at times he has also called for regulators to pay attention to other coins, something that cryptocurrency fans have not appreciated at all. Still, such practices are far from the ideals of decentralisation that Sailor is supposed to uphold. And here the entrepreneur is simply trying to create problems for competitors and force others to buy Bitcoin, which will essentially be profitable given MicroStrategy's position.


As a reminder, “shiatcoins” are altcoins without a purpose, a development team, or a development plan. It’s also a category that often includes outright fraudulent projects. However, in Sailor’s view, absolutely any altcoin is an unregistered security and should be banned. Again, in terms of the ideals of decentralisation, this is absurd.

By the way, the day before Michael Saylor found himself in a funny position. On Sunday, MicroStrategy’s Michael Saylor published a graph with data on the proportion of people in different countries who own cryptocurrencies. In doing so, Michael signed the image with the phrase “Nothing will stop Bitcoin when the time comes”.

Proportion of residents of different countries who own cryptocurrencies

However, users pointed out that the previous graphic referred directly to cryptocurrency ownership, not specifically Bitcoin. And at the same time they remembered that just a fortnight ago Michael posted this picture in a tweet where he clearly separated BTC from the cryptocurrency industry, i.e. he made it clear that Bitcoin and cryptocurrencies are supposedly different things. Which means he is now contradicting himself.

Picture from Michael Saylor’s tweet about Bitcoin and cryptocurrencies being supposedly different concepts

What happened to FTX would certainly not have happened if the Bankman-Friede team had been more responsible in their duties. Incidentally, another crypto market dump has not yet shaken MicroStrategy’s position, which is the largest BTC holder among all publicly traded companies. Sailor had earlier said that even if Bitcoin’s price falls below $3,000, MicroStrategy would be able to avoid liquidating its positions in BTC. However, such a thing sounds suspicious.

Bitcoin positions of public companies


We think this situation is further proof that cryptocurrency enthusiasts should not rely on popular predictions. Proof of this is the Stock-to-Flow model from a Twitter user called PlanB. According to it, BTC was supposed to rise to $100,000 before the end of 2021. Obviously, newcomers who invested and were confident in this version could lose money. So users of digital assets should rely solely on their analysis and feelings.