Categories: Bitcoin

Has Bitcoin already bottomed out? Top analysts outline possible price movements in the near future

According to a prominent analyst, this is a cumulative time for Bitcoin and the crypto market.

The industry insider, known by the nickname Capo, told its 140,000 Twitter followers that Bitcoin could remain in a Wyckoff accumulation pattern, with BTC going to have a big uptrend once the pattern occurs.

The Wyckoff Method is a method of technical analysis that aims to determine whether large investors are buying or selling an asset. Accumulation patterns highlight periods when large investors control the price of an asset to buy at a discount.

According to Capo, Bitcoin may form a perfect Wyckoff pattern, suggesting that the benchmark cryptocurrency has almost bottomed out.

Source: Capo / Twitter

Contrary to what some other analysts have said, Mr. doubt that investors waiting on the sidelines have no chance of buying BTC for around $ 20,000.

“I firmly believe that this is an accumulation. Do you really think the masses will buy for $ 25,000 or $ 20,000? “

Capo cites the persistently negative funding rate and the offer of a buy signal from the Puell multiple indicator as reasons for optimism.

“Financing rate and premium from BTC.

Another reason I’m optimistic is that funding rates and premiums in this area have remained negative.

The Puell Multiple Indicator showed a buy signal a few days ago. “

The crypto analyst points out that the Puell Multiple – which divides the daily bitcoin issue in US dollars by the 365-day MA of the daily release value – has not yet produced the peak signal it has formed in the past few days .

Source: Capo / Twitter

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Dailyhodl

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

17 minutes ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

42 minutes ago

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…

2 hours 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…

4 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…

4 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…

4 hours ago

This website uses cookies.