At the time of writing, Bitcoin has been trading at $3,600 with 24-hours gains of 0.42 percent. The $63 billion market cap cryptocurrency has been on a prolonged bear market after hitting $20,000 in December 2017.
Bitcoin 3-months price chart, Source: Coinmarketcap
Experts and analysts are predicting the leading cryptocurrency to hit the bottom this year. Crypto trader, Moon Overlord recently shared on Twitter that the fact that Bitcoin ETF proposal’s removal by Cboe didn’t affect the market means the bottom is finally in,
“ETF withdrawn and we didn’t move an inch… hmm. Looks like people don’t want to sell at $3500. I’m starting to sense a bottom.”
Just a day before this, he also talked about the sideways action in the market that means, a consolidation period is in that will remain most of this year, “The longer this sideways action takes place the more I think the bottom is in.
November was one of the worst monthly candles in history. It’s very possible that was the last of the major selling and now we’ll have a consolidation period that lasts most of 2019.”
The longer this sideways action takes place the more I think the bottom is in.
November was one of the worst monthly candles in history.
It’s very possible that was the last of the major selling and now we’ll have a consolidation period that lasts most of 2019.#Bitcoin | $btc pic.twitter.com/yOtPUDVUOL
— Moon Overlord (@MoonOverlord) January 22, 2019
Now, Alex Kruger, an economist and crypto trader shared the latest analysis of the Bitcoin market that he says is in an accumulation mode.
He further shared, “The Boltzmann Sink-Source metric measures the absolute asset quantity moving into relatively more active wallets.” Kruger further elaborated on the fact that accumulation is a “zero sum game,” which is neither bearish nor bullish but this accumulation means, a dump would be there as well.
“For someone to accumulate, someone else has to distribute. It is a zero sum game. Accumulation per se is neither bullish nor bearish. With the current trading volumes, I’d bet on exchanges and miners currently “accumulating”. Eventually, they will likely start dumping again.”
The current accumulation phase is occurring after the January 2015, as he explained, “Accumulation happened *as well* from January 2015. Just another accumulation phase.” To this, another crypto enthusiast shared, “Now only time will tell about this accumulation. Last bear run, 2 years of accumulation, btc went 5x by December 2016.”
Looks like something is about to happen, as this crypto trader shared,
Just recently, Credible Crypto also shared, “Short term bullish till about $3700-$3800 at least. Bulls NEED to take 4.1k and doing so should lead to a larger rally to mid 4k’s at least. Bears will try and shut them down before that and a loss of 3.4k will lead to new lows.”
Right now, Bitcoin is maintaining stability around $3,550 and it all depends where it moves from here to really identify the bearish or bullish momentum in the short term.
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