James Mullarney, host of the InvestAnswers YouTube channel, makes important evaluations for Bitcoin BTC. According to Mullarney, there will be a change in Bitcoin’s selling pressure soon. In a recent video, Mullarney examined the factors affecting Bitcoin’s price development. He also shared his views on technical analysis of the cryptocurrency market.
Bitcoin and cryptocurrency market
As of October 3, 2023, the total value of the cryptocurrency market is approximately 1.1 trillion dollars. Additionally, the transaction volume is around 40 billion dollars. The two largest cryptocurrencies, Bitcoin and Ethereum, are priced at $27,920 and $1,650 respectively, an importance Mullarney highlighted in his analysis.
Mullarney thinks these price levels are very important, especially for the future of Bitcoin BTC. It indicates that the Fear and Greed index, a sentiment indicator, climbed from 46 to 50. He also notes that this indicates a growing bullish sentiment among investors. This change in sentiment could bode well for the Bitcoin market.
Positive market sentiment
Mullarney points to the recent price performance of leading cryptocurrencies to reinforce his point. Last week, Bitcoin gained 4.09%, Ethereum gained 3.86% and Solana gained 24%. These gains exemplify the positive trend in the market.
Mullarney makes an important point in his analysis of declining selling pressure. Accordingly, it includes basic statistics about the cryptocurrency market. He noted a 4% increase in the number of crypto users in the 24 hours before his analysis. In addition, there was a significant 10.5% increase in the number of transactions on the cryptocurrency network.
Bitcoin issuance and selling pressure
In concluding his analysis, Mullarney cites data from Blockware Solutions. Accordingly, it reveals that there is a decrease in Bitcoin Issuance. He explained that Issuance is an indicator of selling pressure, and the decline in this metric indicates that the long-standing selling pressure on Bitcoin has decreased. Mullarney states that the daily selling pressure will decrease further after the next BTC halving. On the other hand, he predicts that it will be compatible with established market models.
James Mullarney’s views highlight the potential for a significant shift in selling pressure. On the other hand, it sheds light on the changing dynamics of the Bitcoin market. When we look at Bitcoin and cryptocurrencies while writing the article, BTC is traded at $ 27,929. On the other hand, Ethereum is at the level of $ 1,639. Finally, when we look at the price of AVAX as cryptokoin.com, we see that it is traded at $ 10.42.
