The bear market in Bitcoin and altcoin projects surprised analysts. However, recent short-term Bitcoin and altcoin gains have rekindled investor hopes. The global cryptocurrency market has been in a long downtrend with the prices of top cryptocurrencies collapsing after the collapse of FTX. The two biggest cryptocurrencies, Bitcoin and Ethereum, have dropped over 20 percent and 30 percent respectively this month. So what’s next? How will Bitcoin act? Here are the comments of five analysts…
Comments of five analysts for Bitcoin
Short-term gains are giving the market some rest in a bear market. But there are no clear catalysts for a price increase in the near future. But that hasn’t deterred analysts from speculating on whether the bear market is near its end. cryptocoin.com As we have also reported, the crypto market cap has gained 5.93% compared to the last day. It currently stands at $828.74 billion. This raises the hopes of some traders. Analyst and trader SmartContracter told his 214,000 Twitter followers that on a macro cycle basis, BTC looks pretty close to bottom.
Bitcoin price near the bottom could mark the end of the bear market. Basing his arguments on BTC’s three-day chart, the analyst believed that the price was starting to look like there was one final diagonal formation to end the bear market ABC pattern. Analyst RektCapital told his 330,000 followers that stock market crashes have become a historical trend. He pointed out that the situation in question occurred near the absolute BTC bear market floor. He also said that Bitmex caused the drop in previous BTC cycles. Before that there was Mt Gox. This time it’s FTX.
On the other hand, On-Chain College looked at the BTC Mayer Multiple chart to highlight periods when Bitcoin was oversold compared to its 200-day moving average. The analyst said such periods are marked by fear, pessimism and anger. The analyst also added that such periods have historically provided some of the best long-term value zones where a positive recovery has taken place.
Have you seen the bottom level?
Analyst TradingShot highlighted in a TradingView post that two weeks ago, BTC saw its strongest weekly volume in over a year. The same could indicate a reversal of the uptrend. The analyst noted the serious increase in volume on a one-week chart. He pointed out that this tends to be associated with a trend reversal in the Bitcoin chart. The trade volume increase was present from November 19, 2018 to May 13, 2019. This was the bottom formation of the bear cycle.
However, analyst Ecoinometrics suggested that bad news could still hit BTC in some stressful financial conditions. In the last 13 years, Bitcoin has experienced financial conditions that have only been seen a few times. Therefore, the analyst is waiting for more bad news to come.
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