Bitcoin (Bitcoin, BTC) On June 18, 2022, it fell below $17,700, marking the day when it reached its all-time low for 2022. Since that time, the cryptocurrency that is currently ranked first has experienced significant price fluctuations. However, Bitcoin has only increased in value and has not returned to such highs; instead, it spends the most of its time trading over $20,000.
Now, there is the possibility of another side to the movement of the BTC price. Tomas Hanar, an analyst at Cryptoquant, believes that the Bitcoin price is getting close to He stated that around one third is needed to reach the bottom. According to Hanar’s research, the 20-day Simple Moving Average (SMA) has been hovering around neutral levels for the past three months.
Hainer continued to emphasise the fact that the Long Term Holders (LTH) Output Profit Ratio within the 20 Simple Moving Average demonstrates that the bottom has indicated a need for a different strategy. He remarked that the circumstance was most likely a bear-to-bull transition for 2018-2019. Hansar said,
“As far as the 20 day moving average smoothing line of the indicator is concerned from a technical point of view, between the 10th and 14th of July, we have witnessed what appears to be a rebound off the 2020 real bottom of the LTH SOPR, which coincidentally occurred a lot from the level of 0.49. Not too far away, which indicated the absolute bottom of both the cyclical bottoms of 2015 and of 2018/2019, was this point. Earlier, Glassnode expressed their belief that the bear market had not quite come to an end. To what extent, then, do other indicators correspond with Hansar’s estimates?
The current market is still considered to be neutral, as shown by the fact that the 20-day exponential moving average (EMA) is in the blue and the 50-day EMA (yellow) is virtually at the same level as it. This information is derived from BTC charts. Short-term traders may be interested in following the path that Bitcoin (BTC) takes given the current trend. In the more extended time frame, the 200 simple moving average (cyan) displayed indications of an upward trend and only held positions below the price of $22,500 BTC. Given the current circumstances, it is possible that Hanar’s estimate of the price of BTC will come true.
At the time of publication, the price of bitcoin on CoinMarketCap was 23,176. An increase of 1.09 percent makes purchasing additional Bitcoin potentially riskier because long-term investors may profit from their decision to wait and study the market.