 ▲ Bitcoin (BTC) |
It was predicted that Bitcoin (BTC)'s sideways downward trend would continue for five months.
Cryptocurrency media outlet Cointelegraph paid attention to CryptoQuant contributor Axel Adler Jr's analysis of Bitcoin's price retreat following its all-time high in March.
Adler Jr. presented the Bitcoin price trend at the end of June and argued that the current Bitcoin price is repeating the same pattern as at the end of 2019.
“Considering that the current situation is very similar to the price correction that lasted through 2019 and 2020, this price correction could last up to five months and result in a downward adjustment of up to 46%,” he said.
However, he added that if there is active buying activity of more than 500,000 BTC (about $31 billion), the price correction period will end.
Daan Crypto Trades, a popular virtual asset trader, said, “The majority of liquidity has been formed at that point after testing $59,000, the low point of the current section,” and “Supply at points higher than $59,000 over the next two weeks. “It will be interesting to see the possibility of this being added,” he predicted.
Renowned analyst Ali Martinez claimed that a bullish signal was formed during a retest of the last observed point in early May.
According to Daily Issues, he said that now is a good time to buy low, considering that the relative strength index (RSI) has remained in the oversold range on the Bitcoin daily chart for the past two years and has been trading below $62,000. Diagnosed.
He also claimed that since February of last year, Bitcoin's MVRV (realized price-to-market value) ratio has been below -8.4% four times, with Bitcoin rising by 63%, 100%, 92%, and 28%, respectively. Accordingly, given that the current Bitcoin MVRV rate is -8.96%, it is also predicted that a rally will begin soon.
