itcoin has once again dipped below the $20,000 significant level, which has acted as a strong support level in the previous months. Along with Bitcoin, the majority of the altcoins have also slipped, with Ethereum decreasing by about seven percent in the last 24 hours.
This dip comes after a period of relative stability in the crypto markets, which had led many to believe that the worst was over. However, it seems that the bears are still very much in control and are not ready to let go just yet.
What this dip means for the future is still unclear, but it is definitely a setback for those who were hoping for a speedy recovery. It is also worth noting that this is not the first time that Bitcoin has dipped below $20,000, and it has always managed to bounce back eventually.
So, while this dip may be disheartening for some, it is important to remember that the crypto markets are still very young and volatile. This means that there will be many more ups and downs in the future.
John Bollinger, the technical analyst who developed the Bollinger Bands tool, believes that Bitcoin (BTC) may have finally reached a bottom after its price crashed from its all-time high of $69,000 to below $20,000.
Bollinger cites two key reasons for his optimism: First, he notes that BTC's price has been relatively stable in recent weeks, hovering around the $30,000 mark. Second, he points to the fact that BTC's price has bounced back sharply after each dip over the past few months, indicating that there is still strong demand for the cryptocurrency.
Thus, Bollinger believes that BTC may be in a position to put in a macro bottom, which would be a huge bullish development for the cryptocurrency market.
Only time will tell whether Bollinger is right about BTC's bottom is in, but if he is, it could mean big things for the cryptocurrency market in the months and years to come.
Bollinger Bands are one of the traders' most popular technical indicators to predict future price movements. The indicator is composed of an upper and lower band based on standard deviations from the asset's moving average. Bollinger Bands can be used to identify potential areas of support and resistance and potential reversals.
In the case of Bitcoin, Bollinger emphasizes that BTC has managed to maintain above the lower band on the monthly chart, indicating that Bitcoin may have found a bottom at the current price. This is an encouraging sign for traders who are looking for potential buying opportunities in the market
According to Santiment, a leading analytics company, BTC has favorable on-chain indications. This comes after Bollinger's analysis found that interest in Bitcoin rose again after months of decline.
Santiment claims that this month's increase in interest in Bitcoin shows that traders are taking a vacation from their intense altcoin speculation. And that's a good thing for Bitcoin because it means they're finally focusing on the original cryptocurrency again.
In the past, when altcoins have dropped 80% or more from November market cap values, Bitcoin has always seen an increase in the discussion. So this recent trend could mean good things for BTC in the future.
Despite what some traders claim, they're shorting altcoins more when the markets dip. Santiment's trading activity on Sunday showed that people are selling off their altcoins despite saying they're buying the dip.
This trend seems only to be happening with cryptocurrencies at the moment, which shows that people are turning to Bitcoin as a safe haven. This is interesting because it shows that people are starting to see Bitcoin as a more stable investment than altcoins.
So, if you're considering buying the dip, you might want to reconsider and consider shorting altcoins instead. Who knows, you might make a profit off of it!
Website:
Bitcoin Price Might Drop To $12,500 In the Month Of July Claims Fundstrat Analyst (coinpedia.org)
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