More

    Bitcoin Bottom Close, Bulls Signal a “Strong” Reversal

    On-chain momentum is “crossing into bullish,” start prepping for the upcoming halving front running from here on.

    • Trading volume drops to just $120 million
    • MVRV, unrealized profits, and SSR paints a bullish picture
    • Investor momentum tracking indicator suggests bottom most likely in

    Bitcoin is not seeing much action and is stuck around $7,500 for over a week now. However, the volume has taken a severe drop, falling to a mere $120 million. Such low volumes make it easier for a large amount of transactions to move the prices and the market.

    Indicators Painting a Bullish Picture

    According to the on-chain data analytics platform, Glassnode, the bottom of the market is “close” and when that will happen the “reversal will be strong.”

    MVRV that historically has indicated the bottom of the Bitcoin market cycle is consolidating towards   1. The Market Value to Realized Value (MVRV) is the ratio between market cap and realized cap that gives an indicator of when the traded price is below fair value.

    Another indicator pointing towards a similar bullish picture is unrealized profits. Relative unrealized profit is the total profit in USD of all coins in existence whose price at realization time was lower than the current price normalized by the market cap.

    Now that investors have less profit to realize, the selling pressure on Bitcoin has started to diminish what is allowing for an upward momentum to build, notes Glassnode.

    Another positive factor is SSR, the ratio between Bitcoin supply and that of stablecoins, USDT, TUSD, USDC, GUSD, PAX, DAI, and SUSD, denoted in BTC.

    When SSR is low, that means the stablecoin supply has more “buying power” to purchase Bitcoin.

    Currently, it is at 26.9, down from last month’s nearly 33 indicating high buying power which is “good in a bottoming market.”

    “The more capital waiting on the sideline, the stronger the reversal once investor sentiment turns bullish again.”

    Prominent analyst Willy Woo also pointed out that on-chain momentum is “crossing into bullish” and is advising to prep for the upcoming Bitcoin reward halving front running from here on.

    As per the indicator that tracks investor momentum, the bottom seems to be most likely in, with “anything lower will be just a wick in the macro view.”

    Long Target of $100k Intact but More Pain Expected Still

    However, TraderXO shares his favored scenario where he sees Bitcoin price dropping further to $5.8 to $6k. This, however, is just one of his scenarios for BTC price and he says “nothing is certain,” but one should have a plan.

    Veteran trader Peter Brandt is also expecting the Bitcoin to bottom soon but not before July 2020 when according to him BTC will complete ts 80% correction at $5,500.

    This bearishness in the near term is because there have been four violated parabola since 2011 and massive capitulation by crypto bulls will lead to a bottom next year.

    In the immediate term, however, he is bullish as the bottom of the multi-year channel will hold and “6-month bear channel on the daily chart will provide launch for renewed parabolic phase.”

    As for the long term, the historic bull trend remains intact with a target of $100,000.

    Bitcoin (BTC) Live Price

    1 BTC/USD =$8,664.5318 change ~ -0.15%

    Coin Market Cap

    $157.45 Billion

    24 Hour Volume

    $5.46 Billion

    24 Hour VWAP

    $8.67 K

    24 Hour Change

    $-12.9589

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,262FansLike
    2,714FollowersFollow
    4,095FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Argo's Bitcoin Mining Revenue Jumps 10x In 2019, Operations Ramping Up For 2020

    It has been reported that Argo Blockchain’s Bitcoin (BTC) mining form took 10 times more revenue in 2019 than it did in 2018. The announcement...

    After Passing Strict Regulatory Standards, Zipmex Crypto Exchange Granted License by Thai SEC

    The Asia-Pacific crypto-fiat exchange Zipmex has been given a digital assets exchange license by the Thai Securities and Exchange Commission (SEC). As stated in a...

    South Korea Might Re-Categorize Cryptocurrencies, Imposing A 20% Tax On Gains

    South Korea one of the most progressive nation in terms of evolving technology adoption might impose a 20% tax on crypto gains in the...

    Does Peter Schiff Losing His Bitcoin Reveal the Shortcomings of The Technology?

    As gold proponent Peter Schiff loses his BTC because he didn’t remember to keep his seed phrase, CT tore into him for forgetting his...

    Popular Trader Sees Bitcoin Heading to $5,000 After the Bearish Ambush

    Bitcoin went down hard from $9,200 to $8,550, altcoins followed except for BSV & XTZ If BTC reclaims $8,900-$9,000, $9.5 next or low...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.