Bitcoin Soars Towards $17K as Historic Accumulation and Bottom Signal Flashes – Crypto News – Crypto News
Connect with us
Bitcoin Soars Towards $17K as Historic Accumulation and Bottom Signal Flashes Bitcoin Soars Towards $17K as Historic Accumulation and Bottom Signal Flashes

Cryptocurrency

Bitcoin Soars Towards $17K as Historic Accumulation and Bottom Signal Flashes – Crypto News

Published

3 years ago

on

Bitcoin’s price has surged towards $17K, charting an increase of 5% for the week and 2.5% for the day. This happens as an important historical signal flashes again and is usually the precursor for proper accumulation spots and cyclical bottoms.

  • Increasing to a high of $17,162 (on Binance), Bitcoin’s price reached a 15-day high in a sudden surge earlier today.
Source: TradingView

  • This also pushed the entire cryptocurrency market, and its capitalization added some $17 billion over the same period.
  • An analyst from CryptoQuant pointed out that the market has reached a critical point where there’s an intersection between the supply in loss and the supply in profit – something that happens historically near cycle bottoms.

Over nearly 13 years, with four cycles, we have all noticed an area of ​​intersection between supply in loss and profit every time the price is in the bottom zone. Even in the early stages, when Bitcoin was valued at only a few dollars, this existed.

It seems that there is an equilibrium rule that has run for more than a decade.

  • He pointed out that throughout the current bear market, “it was only when the price dropped to the current level” that he saw this intersection area pop out.
btc_price_chart2
Source: CryptoQuant

  • The above led to the following conclusion:

The existence of this area will be long enough for the market to clam down after the hurt, and the price may go down a few more percent, but this is undoubtedly the best area to accumulate for a fresh start.

It is tough to target the lowest price, but it can be possible to realize where the bottom area is.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month ,terms,

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending