Market

Bitcoin, Ethereum, and Other Cryptocurrencies Show Signs of an Upcoming Price Reversal

Sanitment, an on-chain analytics company, claims that Bitcoin, Ethereum, and other altcoins are currently “underbought” in light of the MVRV divergence.

Bitcoin, Ethereum, and Other Cryptocurrencies Show Signs of an Upcoming Price Reversal

These crypto assets have reportedly hit the historic MVRV level, according to the on-chain analytics firm, at which a price turnaround to reverse recent losses may be expected, however it is difficult to forecast when this will happen.

According to Glassnode, there are currently several floor formation indicators flashing for BTC. To determine a bear market floor for BTC, however, all theories and historical precedents may be put to the test given the current macroeconomic environment.

It is still challenging to identify the adverse market bottom at this moment, despite the fact that all macro indices for BTC, from technical to on-chain, are at record lows and correspond with the formation of the bear market floor in prior cycles.

Cryptoanalyst and economist Alex Kruger believes that Bitcoin might have capitulated during the market slump two weeks ago. The analyst underlined the fact that trading volumes reached their peak at this time, indicating capitulation, which produces significant bottoms.

Retail holders purchased 113,884 Bitcoins in 2022

According to on-chain analytics company IntoTheBlock, small Bitcoin holders are still aggressively accumulating. BTC addresses that own less than 1 BTC have been accumulating their holding in 2022 at an impressive rate, adding 113,884 BTC.

According to Glassnode data, this group of holders has seen a surge recently, reaching a new high. According to the blockchain data firm, there are currently 3,662,897 addresses holding more than 0.1 Bitcoin.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

42 seconds ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

3 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.