2024-7-11 19:45 |
Top crypto analyst Ash Crypto, with more than 1 million followers on X, has stated nine reasons to prove that Bitcoin’s price could have bottomed over the last two days. Their reasons are a combination of various technical and fundamental analyses.
Let’s look at the analytical reasons in the following paragraphs.
The first reason for this thought is that more than 68,000 BTC have gone out of exchanges, and this large amount was last seen in July and November 2022. Another reason is based on the Wyckoff technical pattern that BTC has been replicating; this pattern typically triggers price accumulation before an exponential price rally starts.
I've analysed the market over the past
2 days and this could be BTC bottom.
I've compiled some TA and FA.
Read below!
1. Bitcoin Netflow in Exchanges
There's 68.4k $BTC going out of exchanges. This large amount was last seen in July and Nov 2022.
2. Wyckoff Method
Bitcoin… pic.twitter.com/klDZYgjjof
Additionally, Fed net liquidity shows a strong spike, which is similar to the rate of change that happened in March 2023. Ash Crypto noted here that the price of Bitcoin pumped by more than 38% in a week.
Based on the rainbow charts, every time the price rises in the purple zone, it doesn’t go back until Bitcoin reaches an all-time high. At different points in the purple zone, it is represented by a price bottom and the cheapest zone to buy Bitcoin.
Read Also: This Theory Predicts Chainlink (LINK) Will Hit $100+ in 2025
Ash Crypto also talked about rate cuts in the United States. Based on multiple market analysts, they are holding off on rate cuts until the election, which could be a political move. Once the interest rate is down, investors’ money will flow into the market.
Another factor discussed is the United States presidential election. With the ongoing debate, it is obvious that a candidate who supports crypto has a strong chance of winning. This gives Donald Trump, who is publicly supporting crypto, an 85% chance of winning the election after the presidential debate with Biden.
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Show more +Show less –Last week, the Bitcoin ETF also showed a positive inflow after three straight weeks of outflows, and this is positive for BTC. This could also attract more investors to crypto.
Ash Crypto also noted that the price has bottomed, but we could still see some minor red candles due to Mt. Gox and German government FUD.
He noted that Bitcoin will easily see $150,000 to $250,000 without stress in early 2025.
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