Cryptocurrency analyst Will Clemente, of bitcoin He stated that it is giving bullish signals and its value is currently very low.
Famous Analyst Says Bitcoin Price Is Currently Held Well Under Value By The Market
Clemente enumerated a number of arguments to support this idea.
Experienced analyst, cryptocurrency exchanges BTC pointed to the successful retroactive transition and negative financing of futures contracts.
The analyst also said that there are a number of bullish signals, citing on-chain data as evidence.
Think market is underweight BTC
– Several weeks of open interest with negative funding and backwardation engulfed in 1 candle
– Successful test of demand in Coinbase orderbook
– BTC dominance bouncing off 2018 support
– Commodities rolling over, CPI likely lower than expected pic.twitter.com/pisef1hiND
— Will Clemente (@WClementeIII) September 10, 2022
Most interesting was Clemente’s view of transient signals.
The famous analyst cited the positive statements of the heads of major crypto money institutions as a signal.
In addition, the analyst interpreted the increase in thoughts in the crypto sector that Bitcoin has now expired, as an indication that the market has reached the bottom.
However, the US Federal Reserve’s stance on the fight against inflation continues to directly affect the prices of cryptocurrencies.
Speaking on this issue, the analyst said that he expected a decrease in inflation after the FED’s aggressive interest rate hikes.
However, the FED may take surprising decisions considering the unstable macro and geopolitical situation in the world.
Analysts in the crypto money industry stated that any explanation by the FED could cause fluctuations in the BTC price.
On the other hand, a group of investors who closely follow the crypto sector credits Bitcoin’s slight rise to a recent interview with the new King of England, Charles, who is surprisingly knowledgeable about blockchain and crypto technology.
At the time of this writing, BTC was trading at $ 22,150.
*Not investment advice.
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