Bitcoin has been through many hardships since its inception and investors and traders are feeling the agony of the crypto market meltdown this year. BTC is currently trading at $19,322 at the time of writing.
Coingecko reports a 0.3% decline in the value of the token. This month, the crypto expert @woonomic tweeted that bitcoin hasn’t bottomed yet and won’t be recovering anytime soon.
Bitcoin seems to be doing well
The “Capo of Crypto” recently tweeted that bitcoin is showing positive signs.
“Hello ! The market looks good for one last leg up. Higher highs and higher lows on ltf and demand being moved up. We could see 21k this week.”
Possible proof that the market has bottomed out and is about to surge higher can be found in this tweet. One possible nuance remains, however, and it is information that BTC traders and investors should have.
Market looking good for a last leg up. Higher highs and higher lows on ltf and demand being moved up.
We could see 21k this week.
— il Capo Of Crypto (@CryptoCapo_) October 24, 2022
Financial markets are currently under pressure from global inflation. Bitcoin is highly correlated with the broader financial market, despite the crypto market’s status as a high-risk financial instrument.
Thus, bitcoin and the cryptocurrency market are vulnerable to general economic conditions.
Has the time really come?
Considering what has been expressed previously, investor confidence in the coin may still be low based solely on another tweet from Capo of Crypto“.
Even though a supposedly bullish sentiment is developing, he said many short bets are still open. According to CryptoQuant, bitcoin market metrics point to a “deep” market, which could indicate that Capo’s prognosis would be correct.
Seven days ago, BTC exchange reserves decreased by 2.26%. This indicates that individuals are buying BTC sold at a loss.
The market records a drop in sales. This confirms the idea that the market bottomed out, and BTC bottomed out in the $19,000 range.
This price is well below the psychological support range of $20,000. However, as the market is currently in a capitulation phase, we can anticipate Bitcoin to rebound to a higher and more robust level of support.
Considering that a Bitcoin market rally is imminent, a crypto market rally is also a distinct possibility. In the coming weeks, additional market data could be expected.
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A Bitcoin Rise Is Imminent, Says Analyst Who Predicted 2022 Cryptocurrency Crash
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