As a seasoned analyst with a deep understanding of the cryptocurrency market, I find Teddy’s analysis intriguing. Based on his observation that every correction during this bull run has touched Bitcoin’s 21 weekly Exponential Moving Average (EMA), and considering the current trading price is close to that level, it is plausible that the bottom for this correction could indeed be in the $61,000 range.
Based on the assessment of an anonymous cryptocurrency trader named Teddy, Bitcoin‘s current correction may be approaching its conclusion, potentially leading to a market surge within the upcoming weeks.
Based on their social media post, if historical trends hold true, the price of Bitcoin may have reached its lowest point for this correction around the $61,000 mark.
Bitcoin to Bottom at $61K
Teddy shared that each correction during the current Bitcoin (BTC) bull market has touched down and concluded at its 21-week Exponential Moving Average (EMA). The EMA is a valuable indicator that monitors an asset’s price trend over time. It emphasizes recent data points more than older ones, making them more influential in determining the current trend.
The European Medicines Agency (EMA) reacts more swiftly to price fluctuations compared to the Simple Moving Average (SMA), as noted.
Based on Bitcoin’s past behavior of rebounding from its Exponential Moving Average (EMA), Teddy speculates that the primary cryptocurrency may hit a bottom around $61,000 in the near future. At the current moment, Bitcoin is priced at $61,500 following a brief dip to $60,900. Whether Teddy’s assumptions will materialize remains uncertain.
More Dip Looms for BTC
Some cryptocurrency enthusiasts are optimistic that a bullish turnaround is coming soon, but indicators point to potential continued volatility and possible further market downturns.
As a researcher examining recent trends in the crypto market, I’ve discovered some concerning signs based on data from CryptoQuant. The lack of bullish momentum is evident in the low stablecoin liquidity and sluggish growth in BTC demand from large investors. Specifically, bitcoin demand from whales has been increasing at a rate of only 4.8% per month. Moreover, traders continue to reduce their holdings, and stablecoin liquidity is moving at its slowest pace since November 2023.
Moreover, American investors in Bitcoin and Ethereum, known for fueling market rallies, have shown sluggish demand growth lately. The US Bitcoin ETF market, serving as a barometer of this demand, has witnessed continuous outflows since June 13.
According to CryptoPotato’s report, Bitcoin (BTC) could experience further value loss as mining operations continue to offload assets due to increasing operational costs, hash rates, and pressures. Weaker miners are expected to exit the market, leading to a potential recovery of hashrate before BTC can resume its upward trend.
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2024-06-24 17:12