Analysts Turn Bullish On Bitcoin Says “BTC Accumulation Bottom Well Underway”
Analysts Turn Bullish On Bitcoin Says “Accumulation Bottom Well Underway”
After calling for Bitcoin to bottom in 2019 and projecting the price to go below $3k, analysts are now turning bullish and analyzing that Bitcoin bottom is already in. The point is irrelevant of the bottom, “have a plan and know when you’re invalidated.”
While many analysts called out Bitcoin bottom when BTC prices hit yearly low at $3,200 in December, some analysts were expecting the leading cryptocurrency to see more pain ahead and drop to below $3k and even $2k.
However, it's not just the market that is turning green, the analysts are becoming bullish as well. After Bitcoin price sailed through $5k from around $4,100 a couple of days back, the market is seeing a rally that could extend forward.
BTC price 1-day chart, Source: TradingView
From Soon To Come To Bottom Already In
Crypto analyst Willy Woo took to Twitter to share “Why does on-chain volume look so bearish while many of our other (to be published) metrics tell a more positive story?”
Woo clarifies that all the charts on his site Charts. Woobull derives their on-chain volume from Blockchain website (BCHAIN) which painted a “very grim picture” of the market that was showing more bears to come.
Now to double check its volume estimates, the coins that are younger than 1 day HODL that means they have shifted in the last 24-hours gives an alternate estimate to the 24-hr on-chain volume. This suggested adrift in the BCHAIN volume that points towards “overly bearish” picture.
“1d HODL “volume” pointed to the bottom being in for quite some time. The accumulation band having already formed.”
However, now with the on-chain data derived from Coin Metrics, Woo says
“New estimates suggest the accumulation bottom is now well underway.”
Bitcoin Bottom Doesn’t Matter
Crypto trader and investor Josh Rager who had called out for a below $3k bottom has invalidated his $3k retest as “taking this market slow and smart is key: no ego & no emotions.”
Market trader and analysts, Benjamin Blunts says,
“Who cares if the bottom is in or not, it doesn't matter if you know how to play the waves. Have a plan and know when you're invalidated.”
Rager further acknowledges that being one of the few people left who “thinks BTC could still see new lows,” he encourages a change in emotion and momentum as he says Bitcoin just needs to break and close above $6,500 which would mean “party time for years to come.” If not then another big drop.
Currently, he doesn’t think BTC is going to go above $6,550 or even to new lows anytime soon. For now, he is “looking for a continuation north w/ BTC going no lower than $4670.”