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Investors found bottom in Bitcoin? Will BTC drop further? While looking for answers to the questions of when BTC will rise, a new one from crypto analytics firm TradingShot. BTC assessment has arrived.
Evaluating Bitcoin’s price movements, TradingShot analysts said, especially in the last two weeks, that BTC recorded the strongest weekly volume in more than a year.
Commenting on such dramatic increases in volume, analysts noted that such increases tend to be associated with a trend reversal in BTC.
Analysts added that although the bearish trend tends to reverse, it means that BTC volume growth could move significantly in both directions:
“We have experienced a similar volume increase as on June 13, 2022, especially in the price movements of BTC in recent weeks.
Almost the same volume increases occur between a 5-month period. As this chart shows, volume gains in such a period or shorter are historically Bottom or Top formations.
In other words, looking at the previous years, such a volume increase was between January 11, 2021 and May 17, 2021, and the bull cycle peaked.
There was also an increase in volume from November 19, 2018 to May 13, 2019. This was the bottom formation of the bear cycle.”
When analysts looked at previous years, they faced a similar situation. There was an increase in volume from December 18, 2017 to February 5, 2018, coinciding with the formation of a bull cycle top.
Then there was also a large volume growth during a bear cycle bottom formation from January 12 to November 2, 2015.
Analysts, especially drawing attention to the last two-week volume increase, said that the last two-week volume increase occurred between June 13, 2022 and November 7, 2022 and has a similarity to the bottom formation.
Analysts, drawing attention to this similarity, stated that the increase in volume caused them to think about a possible downtrend reversal.
“Could the volume surge on Nov 07 be the moment that makes the trend reversal and pulls Bitcoin out of this two-year Bear Cycle, or is it a short-term recovery like June 13, 2022 and February at best? “
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