Cryptocurrency

Master Analysts Comment: What Bitcoin Will Do Now

Bitcoin bull markets, correction from the all-time high is often observed. However, only 2013 data was left behind in terms of recovery this year. Crypto investors are counting the days until the next bull. We are examining the analysis from Ecoinometrics of the correction or bear period we have been in for the last 3 months.

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Ecoinometrics: Bitcoin can stay at these levels for a while

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It’s been three months since the last Bitcoin (BTC) all-time high, but a measurement shows that BTC holders can wait longer for the next bull. In a series of tweets on July 17, analytics firm Ecoinometrics announced that the drop from all-time highs this year is the second longest in the history of the Bitcoin bull market.

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Just as if we take a look at the brief history of the BTC and USD pair, 95 days have passed since the $64,500 peak and a major correction was recorded. Investors are impatient, but despite strong fundamentals, Bitcoin spot price action is not quick to surpass $30,000. Bitcoin, which is 55% below the highs, contains information that worries investors about price assumption models, including its historically unique stock-to-flow. However, if history is a guide, Bitcoin could go sideways for months before rising to break the record. Cryptocoin. com, 2013 saw a period of 197 days in the middle of an all-time high. Ecoinometrics’ note in a tweet is in the form:

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This is one of the longest dips Bitcoin has had to deal with during the post-halving bull market. But 95 days is still only half of the big drop of 2013.

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Bitcoin creates a table like 2013

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In 2013, BTC/USD reached a price floor 69% below its previous high, meaning that the current market pattern could allow levels below $30,000 and still remain within historical norms. But broadly speaking, 2013 seems to be the year most similar to Bitcoin price events this year. Ecoinometrics’ explanations are as follows:

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In terms of price trajectory, this correction is also very similar to 2013. If we continue like this, BTC will be stuck around $30,000 for a while.

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Individual investors continue to accumulate

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According to recent on-chain analysis, $30,000 has been identified as more than a spiritual process zone for Bitcoin. In addition to the multiple metrics that underpin its importance, investors are once again starting to accumulate BTC, including those previously sold at current levels. Additionally, over the weekend, analyst Willy Woo updated his analysis, highlighting the buys of personal investors and the different classes of whales balancing each other amid buying and selling. Alongside the charts he released on Saturday, Woo adds:

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When individual investors who drive Bitcoin bull markets stop buying, it’s a bear market warning. However, they did not stop buying. In the last 30 days, whales have sold 4,000 BTC, small investors have received 31,000 BTC.

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