bitcoin and in cryptocurrencies While there is a partial recovery today, there is still a long way to go for old highs.
“Many People Hoping to Buy Bitcoin at a Low Price”
Analyst Will Clemente noticed an interesting detail in the BTC charts. According to the analyst’s detection, purchase requests on the cryptocurrency exchange Coinbase are piling up below $ 17,000. The analyst expressed his thoughts on the subject as follows:
“Buy requests on the Bitcoin order book on Coinbase are piled up to 17,000 and below. Many people are hoping to buy BTC at a lower price.
The last time the order book was so inclined towards buying was on the rise from March 2020 lows.”
Bids in the Bitcoin orderbook on Coinbase are stacked down from 17k and below. A lot of people are hoping to buy BTC lower.
The last time the orderbook was this skewed to the bid-side was the grind up from the March 2020 lows. pic.twitter.com/MymgBZldo6
— Will Clemente (@WClementeIII) August 8, 2022
In addition, the analyst spoke about the inflation data to be announced on Wednesday in his latest statement:
“The CPI to be released on Wednesday will determine whether this risky bear market rally will continue in the short term.”
CPI announcement on Wednesday dictates if this risk-on bear market rally continues in the short term.
— Will Clemente (@WClementeIII) August 8, 2022
As it is known, with the rising commodity prices around the world, inflation rates have begun to be seen in the USA at unprecedented levels for many years. The FED, which took it upon itself to keep inflation below 2%, then tightened its monetary policy and caused a loss of value in risky assets such as crypto assets and stock markets.
In addition to this, the collapse of the Terra ecosystem in the crypto market and the collapse of some crypto companies with the decline in Bitcoin also caused the bear market to strengthen.
Bloomberg analyst Mike McGlone recently stated that he expects a recovery in BTC price under normal conditions.
*Not investment advice.
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