The crypto market has been following a bumpy trajectory for the past few months, with Bitcoin reaching new highs and then falling hard. However, it was provided by Capo, a crypto analyst who knows about Bitcoin crashes that the market has entered a recession and now the price movements will only be on the downside… Bitcoin (BTC) price and detailed market data from here you can see.
Capo warns of impending recession in Bitcoin and crypto market
During the week that Bitcoin climbed above $28,500, most investors suggested that we could see more rallies in the coming weeks. However, there is an analyst and trader who has a different opinion. You can check out this article for the analyst’s accurate predictions.
Capo maintained his view that the market is still in a downtrend despite the short-term bull run. While Bitcoin was in a downtrend, he accurately analyzed the points that Bitcoin would touch. However, he believed that once Bitcoin started to recover, it would still continue to decline.
After he took action again after a long period of silence during the Bitcoin rally, users criticized Capo for believing that the crypto market is still bearish. On Twitter, Castillo Trading wrote to Capo, “Imagine being wrong for months and being completely silent on Twitter, but coming back to tell everyone that you were right when the price finally started going in your direction.”
Capo’s warning reminds investors that the crypto market is still highly volatile and unpredictable. For example, despite Capo’s expectations of recession, current CryptoQuant analysis expects two factors to turn the market bullish again.
Bitcoin rally could be confirmed by these two factors
For a short time, Bitcoin witnessed a correction on March 23, when it dropped below $27,000. A recent CryptoQuant analysis pointed to several factors that may have played a role in BTC’s price drop a few days ago. CRYPTOHELL, a writer and analyst at CryptoQuant, stated in his analysis that the Fed’s announcement of a 25 basis point increase in interest rates was behind the drop.
However, the good news is that Bitcoin continues to gain momentum. Additionally, the announcement of a $300 billion funding injection to bail out cash-strapped banks has once again allowed Bitcoin to regain its value.
Another CryptoQuant analysis published on March 24 pointed to some metrics that looked pretty positive. CryptoQuant’s Oinonen_t talked about his findings about the realized price and how BTC investors have profited since the year started.
According to the analysis, the stablecoin (ESR) on exchanges acts as a leading indicator in correlation for Bitcoin and other cryptocurrencies.
Looking at the above-mentioned chart shows that the stock market stablecoin rate is approaching new highs again. In the current market structure, ESR acts as a magnet for Bitcoin’s spot price. Hence, the possibility arises that BTC, which has been in the background for the past seven days, will once again post big gains.
Nothing can be said for certain
These analyzes, along with a few on-chain metrics, are bullish for BTC. For example, BTC’s net deposits on exchanges were low compared to the seven-day average, indicating less selling pressure.
BTC’s Binance funding rate has turned positive once again, reflecting demand in the derivatives market. Another positive signal was the recovery of BTC’s MVRV Ratio, which fell on March 22.
As a short-term price prediction, the $1 million Bitcoin forecast made by Coinbase’s former CTO Balaji Srinivasan this week has been much talked about. cryptocoin.com In this article, we have discussed how realistic this estimation is.
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