Historically accurate Bitcoin metric suggests BTC price has bottomed out
Bitcoin bulls may get some respite from a derivatives market indicator that hints at a price bottom. As the price of Bitcoin (BTC) is attempting to establish support at $37,000 on Tuesday, the recent $30,000 lows may have been the bottom, suggests one derivatives market indicator that has a history of accurately predicting BTC/USD cyclical lows following its bear cycles. The last time it predicted a bottom was on Nov. 1, following which the cost to purchase one Bitcoin surged from $13,771 to as high as $64,899 on Coinbase.Anatomy of a bullish indicatorDubbed as “rolling basis,” the....
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Exciting action for the historically accurate metric lays the foundation for a new cycle to a price peak. Bitcoin (BTC) losing over 50% in a month may have a big silver lining as lower prices set up a classic bull flag.On Thursday, Philip Swift, creator of the Pi Cycle Top indicator, said that this year could still see a major Bitcoin price high. BTC price drop’s saving grace?Pi Cycle Top uses two moving averages — the 111-day and the 350-day multiplied by 2 — to determine likely market tops with an error range of just three days. It has proven extremely accurate, and current conditions....
Bitcoin has exploded higher over the past few weeks amid mass institutional and retail buying pressure. There are some that are calling for a correction, though. A historically accurate analyst recently said that Bitcoin may soon be sent to “$15,500-16,000.” Another analyst agreed with this sentiment, noting that BTC is breaking below a parabolic uptrend. Bitcoin Could Be Preparing For a Correction, Analysts Say Bitcoin has exploded higher over the past few weeks amid mass […]
Bitcoin price is still more than 10% away from the highs set last month, and bulls have been struggling to regain the powerful momentum they had on the way up. However, while price action is feigning signs of being exhausted, blockchain data shows that growth in actual Bitcoin adoption is still on a steady, parabolic incline and is nowhere close to peak levels historically. According to a top cryptocurrency market researcher, this suggests the current […]
Cold hard numbers are showing why Bitcoin moons and dumps — and the reasons are more straightforward than you might imagine. Bitcoin (BTC) is still at the “low end” of a 2021 bubble, new data tracking miner and investor behavior suggests. In the latest signal that BTC price action still has major growth potential, researcher Geert Jan Cap showed bullish signs coming from Bitcoin’s thermocap. Thermocap suggests Bitcoin just getting startedThermocap is a metric which aims to track Bitcoin price cycles based on actions taken by miners and investors with regards to buying and selling BTC.It....
BTC and select altcoins attempted a reversal, but are facing heavy selling at higher levels, which is proof that bears remain in control of the wider market. Bitcoin (BTC) continues to face a tough battle near the psychological level of $20,000 as the bulls and the bears attempt to assert their supremacy. Trading firm QCP Capital said in their latest market circular that funding rates on derivatives markets were stable and bearish conditions were fading.Another ray of hope for the Bitcoin bulls is that Bitcoin miners may be capitulating as the recent decline in the price has made some....