Bitcoin’s price movement continues to captivate the market. The recent events have led to a pessimistic sentiment among cryptocurrency investors as the price plummeted from $70,000 to below $60,000, causing the latest shockwave. Let’s take a look at what influential figures in the cryptocurrency world have to say about these developments.
Analyst’s Bitcoin Comments
A prominent figure in the cryptocurrency world drew attention to a Bitcoin (BTC) indicator following Monday’s drop below the $60,000 level. The analyst, known as TechDev, shared his insights on the social media platform X. Access NEWSLINKER to get the latest technology news.
He pointed out that a market indicator suggests Bitcoin is likely to make a parabolic move in the near future. The Gauss channel, used to determine price peaks and troughs and reflect momentum, showed a two-week chart similar to Bitcoin’s notable price rise in 2017. TechDev continued his analysis by examining the Chaikin Money Flow (CMF), which measures cash flow in and out of the market, and highlighted key points.
Commenting on the CMF indicator, the analyst noted that Bitcoin has remained above the rising trend line for the fourth time in his four-week chart analysis. TechDev also pointed out similar situations, referencing the end of 2016, early 2013, and 2011, and shared a chart that highlighted a similar pattern.
How Much is 1 Bitcoin?
After a 4.34% rise in the last 24 hours, Bitcoin’s price has increased to $62,000. Yesterday, the BTC price dropped to $58,500 but then experienced a clear recovery. BTC’s market cap rose above $1.2 trillion again, while the 24-hour trading volume fell to $32.8 billion after a 17.8% drop.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
