closely followed economist Alex KrugerHe noted that the Bitcoin chart has historically started to signal a “bottom” price is coming for all asset classes, not just BTC.
Making a statement on his Twitter account with 140,000 followers, Krüger stated that he closely follows the Bitcoin volume, which covers both sports and permanent markets in all exchanges.
According to the economist, many bitcoin The trader probably “captured” after total BTC volume hit an all-time high weeks ago.
“As a general rule; trading volume is at its highest when the markets capitulate and this capitulation creates big bottoms. This weekly chart includes aggregated Bitcoin volume for most BTC pairs (cross-exchange spot and perpetuals). Volume hit an all-time high two weeks ago.”
Krüger also emphasized that over the past two years, Bitcoin has reached a bottom after its volume has soared to record levels.
“The week of March 12, 2020 (2020 low) has the second highest volume ever. Third week of 19 May 2021. The week of June 21, 2021 (2021 low) is the fourth. The week of May 9, 2022 (Luna Crash) is the fifth.”
Koinfinans.com As we reported, the economist estimates that the total volume of Bitcoin is in US dollars (BTC/USDHe stated that he monitors the number of coins traded instead of expressing in terms of . According to Krüger, the volume in BTC makes it comparable over time.
“By expressing volume in bitcoin, unit price and market cap become irrelevant. That’s the whole point.”
Although Krüger stated that BTC may already be in the process of forming a bottom price, he shared his view that the leading crypto asset will not recover anytime soon.
“This is a pattern. It can be observed across assets and asset classes. Learn this. A very large sample size and even some loose probabilities may occur. The pattern does not mean that the price has fallen once. There are no signs of bullishness at the moment.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.