The price of Bitcoin was reported to drop by 4.5% at the time of writing this article. An important reason for the dip is that a number of analysts have predicted that Bitcoin has reached its bottom and is about to rise again. Some financial experts even think the digital currency will return to its all-time high of $20,000.
Bitcoin is now hovering around $6,000, having lost 4.5% in the last 24 hours, while the overall cryptocurrency market is seeing a decline of about 2%. Despite this dip, Bitcoin is still trading above $1,000, and could very likely continue to rise in the coming weeks as the price of Bitcoin is seen as stabilizing.
Bitcoin saw a steep 4.5% decline this past Monday, the latest in a series of weekly losses. trading, but now the question is; will this decline continue, or will it be the last in a long line of losses that have characterized BTC’s recent price action? In the short-term, a continuation of the downtrend is likely, but in the long-term, a reversal seems more likely.. Read more about when was bitcoin at its lowest and let us know what you think.Bitcoin (BTC) kept traders on their toes and rose to a new high on the 30th. June in a range after a failed attempt to break through $37,000 resistance.
1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView
Wyckoff Charge $32,300 Support
Data from Cointelegraph Markets Pro and TradingView showed a turnaround day for BTC/USD on Wednesday, with the pair falling 4.5% to $34,500.
After bitcoin rose so quickly the day before, it hit the bottom at $36,630 and a correction began that wiped out much of the gains.
For the popular crypto-Ed trader, even the rise was not significant enough, and after the subsequent correction, a rebound was badly needed to maintain the bullish scenario.
A stronger move down = the start of a move to the green, he added as part of his comments on the chart, which shows a downside price target at $26,900.
BTC/USD price scenarios with price targets. Source: Crypto Ed/Twitter
Others have noted that Wyckoff’s price analysis method, which is currently popular for bitcoin, provides important insight into the direction that may be taken in the near term.
Another trader, Michael van de Poppe, who has the Wyckoff profile, has identified an area just above $32,000 as a support level for BTC bulls.
This will lead to the formation of a higher low and give strength for further upside momentum, he shared with his followers on Twitter.
Annotated diagram of the Wyckoff structure of BTC/USD. Source: Michael van de Poppe/Twitter
Wyckoff was not so easily accepted by everyone, on Wednesday Crypto Ed was criticized for the general lack of understanding of the principles of the method and the possibility of wrong conclusions that could result.
Beware of bottom side Puell Multiple
Intra-chain indicators, meanwhile, remained bullish, though one in particular gave way to another low BTC price.
This was the Pewell multiplier, a classic indicator for determining periods of undervaluation in the life of bitcoin, which is currently in a broad undervaluation zone for only the fifth time in history.
Related: Institutional investors are not buying bitcoin at 50% of its historic highs for now….
As an analyst from Rekt Capital explained in a special video Wednesday, Pewell suggests that miners are selling to cover costs, and given the descent into the undervalued zone, a price floor could soon form.
Yet Puell’s four previous lows did not coincide with price lows: They usually appeared shortly after the indicator lit up.
Being in this green multiple area (Puell) does not necessarily mean we are down, he commented on the recent chart.
The multiplier (Puell) could fall further and the price could follow suit as well.Bitcoin Puell Multiplier Table. Source: Bybt
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