If Momentum/Loss repeats its past move, our current value will be dip and Bitcoin price will rise to $79,300. The bulls are buying the bottom to dejavu and see new ATH.
Bitcoin is in a downtrend, but bull signals are coming
If Momentum/Loss makes a move as it has done in the past, bitcoin could hit $79,000 in the coming period. With the recent news of the corona virus and the pressures in the global markets, the price of bitcoin fell. This decline could be a harbinger of a big rise.
In the news of "Too Many Bitcoin Transfers To Crypto Exchanges" published on our site recently, we see that the bitcoins transferred to the stock markets are still not sold. If there is a bottom in bitcoin, the price can be lowered by selling these bitcoins. It seems that the days when the pressure in the markets will be lifted and the downtrend will end and start to rise again. When we look at the amount of BTC in the exchanges, the BTC reserves of the exchanges have been decreasing for the last month. These could be signs of an uptrend.
The turn of the anti-government demonstrations in Kazakhstan into violent events caused electricity and internet cuts in the country. The recovery of events in Kazakhstan, where Bitcoin mining is common, allowed Bitcoin Hash Rate to break a record again. Good news to come prepares Bitcoin for a bull run.
Leverage Ratio + Funding Rate gives us bullish signal
According to Minkyu Woo of Cryptoquant; “Based on comparing the leverage ratio against funding rates, it gives us the strong bullish signal that year 2022 will be very bullish as the same as the late year 2020 until mid of 2021 which went up from 17K to 64K. It makes sense to me that we will have parabolic bull-run within Q1 ~ Q3 2022 and then corrections which will happen during Q3 ~ Q4 2022.”
Coinbynews strategist M.Bican explains, "These prices can bottom in bitcoin, but be careful. There are unsold bitcoins being traded on exchanges. My thought is they want to make the final drop with these bitcoins. When the price is around $38,000, it's a buying opportunity for me."