As a seasoned crypto investor with several years of experience under my belt, I’ve learned to keep a level head during market volatility and not let fear or excitement cloud my judgment. After the recent correction in Bitcoin’s price, I believe that the bull run is far from over.
The Bitcoin (BTC) price reached a record-breaking peak of $74,000 early in June but has since experienced significant selling, causing it to fall approximately 10% below its previous highs. On Friday, June 14, the price saw an extra decrease of 1.26%, dipping under the $66,000 mark.
Bitcoin Bull Run Remains Intact
As a crypto investor, I’ve noticed that during the second quarter of 2024, Bitcoin didn’t perform as well as expected, with a drop of around 5%. This trend is likely due to the selling pressure in the market following the Bitcoin halving event, which took place in April 2024. The miners, who play a crucial role in the Bitcoin ecosystem by validating transactions and creating new coins, have been facing difficulties due to this halving event, leading to increased selling and further downward pressure on the price of Bitcoin.
Over the past several weeks, Bitcoin’s price stability has caused some investors to question whether we’ve reached the end of the cryptocurrency’s bull market. However, data from Lookonchain indicates that this may not be the case. Here are five signs suggesting the bull run remains strong:
Bitcoin Price Rainbow Chart: The rainbow chart for Bitcoin price, also a long-term valuation tool, uses a logarithmic growth curve in order to forecast the potential price direction for BTC. As per this chart, it is still a good time to buy BTC.
As a researcher studying the Bitcoin market, I’ve observed that the Relative Strength Index (RSI) for Bitcoin currently stands at 69.9. Based on historical data, an RSI above 70 indicates that the asset may be overbought and overvalued, while an RSI below 30 suggests that it could be oversold and undervalued. Nevertheless, a current RSI reading of 69.9 doesn’t necessarily mean Bitcoin has reached its price peak yet.
The heatmap indicating Bitcoin’s 200-week moving average depicts the current price as being within the blue zone. This signifies that the price has not surpassed this benchmark yet. Consequently, it may be advisable to maintain your position and consider purchasing this asset further.
Cumulative Value Coin Days Destroyed(CVDD):
When the Bitcoin price touches the green line, it signals a discounted price and a promising moment for purchase. According to the Current Valuation Difference (CVDD), Bitcoin’s peak has not been attained yet.
Based on my analysis using the Bitcoin 2-year multiplier indicator, I find that the current BTC price lies in the middle of the designated red and green lines. If BTC fails to reach the red line, it’s unlikely that we have reached the peak price yet.
Bitcoin Price Levels to Watch
Over the last 10 days, I’ve observed significant Bitcoin sell-offs from the whale community, with approximately 50,000 Bitcoins worth around $3.0 billion being offloaded in a short timeframe. According to crypto analyst Ali Martinez, if the Bitcoin price fails to surpass $66,254 swiftly, it may be at risk of falling back to the $61,000 mark.
To prevent a possible drop in Bitcoin’s price, it’s crucial for it to regain the level of $66,254 without further delay.
— Ali (@ali_charts) June 14, 2024
As a crypto investor, I’ve noticed that according to CryptQuant CEO Ki Young Ju, the typical entry price for Bitcoin traders hovers around $47,000. During an uptrend or bull market, Bitcoin’s value tends to stay above this mark. Even after experiencing a 27% decline, the market could still be considered bullish. So, keep a positive outlook towards the future but be mindful of potential risks that might arise. This is my take on financial advice.
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2024-06-15 04:22