It’s Time to Buy Bitcoin But Also Prepare For One More Dip Below $20K: Analyst
On June 18th, Bitcoin’s price dropped to a low of $17,622 on Binance, and the community has been in deep discussions ever since if that was the bottom.
According to an analyst from the cryptocurrency resource CryptoQuant – the bottom may not yet be in, but we are about 1/3rd of the way to forming it.
I’ve roughly measured the historical bottoming processes/cyclical accumulations and ON AVERAGE (that includes the under two months period in March 2022) we should be looking at a ballpark of approximately 250 days of a bottoming process.
As far as the indicator’s 20-day MA smoothing line in technical terms is concerned, between 10th and 14th of July, we’ve seen what looks to be a bounce off of 2020 actual LTH SOPR low, coincidentally not too far off the 0.49 level, which represented the very lows of both 2015 as well as 2018/2019 cyclical bottoms.