Crypto analyst Crypto Rover pointed out that Bitcoin never fell below the trend line in any market cycle. The major cryptocurrencies are currently touching this trend line, providing optimism that they can bounce back from that level as before. bear cycle.
Bitcoin touches trend line causing parabolic rally
in ×postCrypto Rover has revealed that Bitcoin has once again touched a trend line that it has not broken below in nine years. Instead, BTC is showing a parabolic rise Every time you touch this trend line. In 2017, it rose 1,300% after touching this trendline. In 2018, it rose 1,900% after the touch. And in 2020, it rose another 1,900% after the touch. After touching this trend line in 2022, Bitcoin once again experienced a parabolic rise of 700%.
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Currently, Bitcoin is touching this trend line again, indicating optimism that it can rebound from this area like in past cycles. But elsewhere, ×postCrypto Rover suggested that BTC has not found a bottom yet and could still fall below $60,000 before hitting the bottom. This was as hinted by the analyst Realized price of BTC.
He has reached the short-term holder (STH) realized price of $74,000, but the realized price is $53,600; long-term holder (LTH) The realized price of $50,000 has not yet been reached. Crypto Rover added that all previous cycle bottoms have been below realized prices and all major flashes have touched the LTH line. Therefore, there is still a chance that BTC will fall further before hitting the bottom.
Bitcoin is also at risk of falling war between usa and iran It escalated again. The United States carried out strikes against Iranian military targets, leading to retaliatory attacks on American military bases in the Gulf region.
Possibly less than $50,000
crypto analyst Ali Martinez suggested That means Bitcoin could still fall below $50,000. This came as he pointed to the investor price, which he said is currently $48,300. He said this level is a key area he is focusing on. long term accumulation. Analysts described this indicator as one of the most important BTC on-chain indicators.
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Martinez explained that the index measures the average acquisition price of all Bitcoins in economic circulation and excludes coins that are lost forever, providing a more realistic market-wide cost basis. However, it is worth noting that analysts have previously stated that there are signs that BTC is about to reach the market bottom. he pointed to 1.0-0.8 MVRV bandlined up at $53,900 and $43,150.
As of this writing, the price of Bitcoin has risen over the past 24 hours and is trading at around $62,600, according to . data From CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
