MEXCAs Bitcoin Goes Below $20K, Stats Show How Close Is Bottom
Amid much hype of buying the dip at current prices and market reaching its bottom in this cycle, statistics reveal important insights. Key indicators reveal that the current levels are hovering around the late bear market stage.
As of writing, Bitcoin is trading at $19,986, down by 4.40% in the last 24 hours, according to price tracking website CoinMarketCap. As it is BTC is staring at the danger of closing the month below the 200 week moving average for the first time ever. So far this month, Bitcoin failed to close above the 200 week moving average level for the third consecutive time.
Bear Market Entry Signals
According to caueconomy of CryptoQuant, the rate of change of the Puell Multiple could be utilized to gauge important trends. The Puell Multiple is a valuation tool to assess revenues of Bitcoin miners.
Analysis shows we are likely to be in a late bear market stage. However, chances are the trend could witness a reversal soon.
“We are in a late bear market stage and may soon reverse. By using the rate of change of the Puell Multiple we were able to have an even more optimized view than the indicator itself.”
Three Stages Leading To Bitcoin Bottom
The Bitcoin market cycle is characterized by three cycles, which includes a market top.
The mid-cycle across the orange line indicates early stages of generalized euphoria. Following this is the market reaching its peak across the red line. The regions of euphoric bull market top crossed at the red line with high precision.
In the current stage, the bear market entry and confirmation is shown along the Bitcoin bottom green line. “When the indicator starts to rise again, indicating that it is leaving the bear market region. We can assume that we are already at the end of the bearish cycle, close to a complete reversal. We are at a bear market bottom formation.”
- Metamask Airdrop Countdown Begins as Wallet Team Registers Token Claim Domain
- $2.5T Citigroup Partners With Coinbase to Enable Stablecoin Payments
- Who Will Be the Next Fed Chair? Scott Bessent Confirms Final Five Candidates
- Mt. Gox Delays Repayments to 2026 as Trump-Backed American Bitcoin Adds 1,414 BTC
- Crypto ETFs Attract $1B in Fresh Capital Ahead of Expected Fed Rate Cut This Week
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
- Dogecoin Price Prediction As Whales Scoop Over $300 Million- Is A Bull Run Ahead?
- Pi Coin Price Jumps 24% as 10M Tokens Exit Exchanges – Can Bulls Sustain the Momentum?
- Bitcoin Price Prediction If President Trump Announces Deal with China on October 30th- Can BTC Break $125k?
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
