bitcoin Although it has risen above $40,000 in the past weeks, we observe that the price has not been able to protect this region and selling pressure is increasing below $40,000.
Investors, who have been faced with a boring market since we entered the year 2022, are quite bored of this situation. We see that people are starting to sell because enough is enough. This shows us that we are close to a possible local bottom.
Although investors who love the volatility in Bitcoin and cryptocurrencies get bored with these accumulation processes, we have seen that patient investors eventually get their reward.
Popular analyst Michael van de Poppe also pointed out that the accumulation process in Bitcoin is prolonged and investors are bored, and said that the breakout will probably be huge.
“Bitcoin reminds me of previous accumulation periods. Moving within a certain range for 4 months causes boring and fluctuating price movements.
A lot of data by on-chain data is at an all-time low which confirms that we are in the process of accumulating. The break will probably be big”
According to the “Elliot waves principle” by the analyst named El Velvetoro bitcoinHe shared a chart stating that .
*Not Investment Advice.