Bitcoin (BTC) Price Bottom Is Near As Crypto Trading Volume Takes A Hit Along With Market Cap
Bitcoin Bottom Near As Crypto Trading Volume Takes A Hit
The trading volume of the crypto market has taken a hit of about $2 billion as Bitcoin price slides down to $3,650. According to the Coinmarketcap data, the 24-hour trading volume of the leading cryptocurrency has fallen down to $4.4 billion from $7 billion, two days back.
The declining volume of crypto assets has become a matter of concern for the crypto market. Bitcoin and altcoins are now free-falling without much pressure from the sellers. According to the cryptocurrency trader Josh Rager,
“As the volume continues to slowly descend Bitcoin could see more sideways ranging. This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels. Nice support below $3,000 with lots of buyers waiting there.”
Bitcoin is approaching the $3k level and looks like this just might become a reality as Bitcoin is expected to hit its bottom this year. The latest research by Delphi Digital states that selling pressure from long term holders is about exhausted while accumulation process by longer-term holders has begun just like the one at 2014’s end. As for hitting the bottom, it states,
“Using the timing of previous price bottoms relative to different bitcoin accumulation points, we are able to use current UTXO dynamics to strengthen our forecast of a rough date for a price bottom (sometime in Q1 2019).”
But When will Price See Action?
Everyone is expecting and calling out for a bottom as an analyst named bitcoinwizard1, on Tradingview also shared a chart that depicts Bitcoin Bottom to be near at about $1,750 or even lower in about May of this year.
In response, one enthusiast comments,
“Damn.. I want this forecast to be so true! bitcoin for < 2000$ is awesome, it will be bought incredibly fast at this price and the true accumulation phase will start and lead to the next bubble…”
Dollar Vigilante, Jeff Berwick recently sat down with a crypto media outlet to discuss Bitcoin that according to him can gain traction of the revolutionary level. He explained that though only “some people understand” the potential of the leading cryptocurrency, it is unimaginable “where this movement could go.”
He further shared that prices have either already hit the bottom or near it, to the most part. However, he thinks 2019 would still remain without much activity. Similar thoughts are shared by the crypto technical analyst, DonAlt who believes this year is going to be rather a boring one.
“I’ve been relatively inactive this year – for one reason – there just hasn’t been too much to trade. I wouldn’t be surprised if ’19 plays out like this, boring, choppy and frustrating to trade. The worst thing you can do is force trades when your system doesn’t give you any.”
At the beginning of this month, Fred Wilson also called out for Bitcoin bottom sometime this year. As for the next bull run, 2020 which will also see the block rewards’ halvening is being seen as a potential year for the next bull run.