Cryptocurrency analyst Gargoyle advised market participants not to buy Bitcoin until it sees significant volume, which could represent a bottom. This comes in the middle BTC’s recent decline Below the psychological level of $80,000, with leading cryptocurrencies at risk of another decline.
The analyst advises against buying Bitcoin until the bottom is confirmed
in Share XGargoyle advised against buying Bitcoin until the bottom is confirmed. He pointed out that the bottom of Bitcoin is formed when there is huge volume and that this huge volume has not happened yet. The analyst pointed to the 2022/2023 cycle, when the surge in surrenders marked a milestone Bottom for BTC.
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However, at the moment, this surge in surrender has not occurred Bitcoin currency size The price remains moderate, indicating that market participants are not truly panicked yet despite the downward trend. Gargoyle also noted that the hardest flow always comes after retail thinks it’s all over for Bitcoin, which then leads to a huge spike in volume as investors capitulate.
The accompanying analyst chart showed that Bitcoin could fall to around $45,000 before bottoming out, while this could happen between now and the beginning of next year. Once this happens, Bitcoin could see a reversal as it targets a new all-time high (ATH). Notably, Bitcoin has risen over the past week to a level of $83,000, providing optimism that the bear market may be over.
However, Bitcoin has since fallen below $80,000, raising concerns that a bear market may still be in effect, some analysts say, such as Dr. Proffitt has warned. The analyst has also previously stated that BTC will likely bottom between September and October later this year based on historical cycle patterns.
BTC is set to fall if the stock market crashes
Cryptographic analyzer Colin warned The current stock market pump is the only thing keeping Bitcoin afloat. He also noted that in the short term, Standard & Poor’s 500 Looks bullish after recent megaphone breakout. However, in the long term, the economic backdrop does not look good for these stocks, and thus for Bitcoin.
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Colin pointed to the Consumer Price Index and Producer Price Index, both of which are hot, with inflation rising due The American-Iranian war. The analyst stated that this is not a favorable environment for a Bitcoin “supercycle,” as some bulls claim. It’s worth noting that the market is also starting to price in interest rate hikes this year, which is bearish for the leading cryptocurrency. As such, since the macro environment does not look good, Colin suggested that Bitcoin will collapse if the stock market sees any significant decline in the future.
At the time of writing, Bitcoin is trading at around $79,000, down more than 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Getty Images, chart from Tradingview.com
