The Bitcoin (BTC) price drop to $20,000 once again is the biggest concern of investors and analysts. Let’s get the opinions of 4 experts on this subject.
Has Bitcoin reached the bottom?
Economist and trader Alex Krüger shared that the percentage of BTC production sold monthly in June was significantly higher than in previous months, using Arcane Research data on miners selling massive amounts of Bitcoin in 2022. Notably, miners sold 15,000 BTC in June alone. That’s almost 400% more than the Bitcoin produced in a month. On 17 July Krüger wrote on this subject:
Panicked miners sold a large amount of BTC in June. This is another sign of open capitulation.
Cryptocurrency hedge funds and companies go bankrupt
Despite the recent sales, the total market capitalization of cryptocurrencies has increased by 8% in the last 30 days. Thus, the $1 trillion psychological barrier was once again overcome. As the market has been unstable in the past months, the current recovery suggests that the market may have hit the bottom. Trader Tardigrade, a prominent crypto analyst, provides additional evidence to support the idea that Bitcoin may have bottomed out.
The senior analyst said that historically oversold zones have been a warning indicator for price dips. These have historically been the most influential monthly metrics for savings. According to Trader Tardigrade’s analysis:
In the oversold zone, the crossing of the Stochastic Oscillator’s fast (K percent) and slow (D percent) lines marks a bottom in Bitcoin price, historically the best accumulation monthly bar. Historically, these have been the best monthly bars for accumulation.
Elsewhere, popular crypto analyst Rekt Capital makes another point:
Traditional BTC bear market bottoms often take months to form before a new macro boom begins. BTC is only briefly lagging behind at its current values. History implies that a complete macro trend reversal in such a short time is premature.
According to YouTuber CryptoYurii, who is aiming for $30,000 in BTC by September 2022, Bitcoin’s price behavior is part of the Wyckoff setup. This setup is a technical indicator implying the possibility of an uptrend after significant downward moves.
cryptocoin.com As you follow, Bitcoin (BTC) is currently in the green over 4% from the previous 24 hours. Meanwhile, it is trading at $22,073.72 with a market capitalization of $422 billion.
