Bitcoin has already bounced off $4k twice. Though experts are calling out for a bottom at $3k, according to crypto trader Alex Kruger, it might have entered the oversold region as trading volume also takes a hit. Also, Google Trends is again showing a spike in Bitcoin searches while waiting for a trigger to take a jump.
Bitcoin Holding Support at $4k Level
Bitcoin is currently trading at $4,289 with 24-hours losses of 0.79 percent. One day price movement of Bitcoin has been between $4,250 and $4,400. The $74 billion market cap cryptocurrency is managing the daily trading volume of $4 billion.
Bitcoin 24-hours price movement, Source: Coinmarketcap
Experts are calling out a $3k for Bitcoin as recently predicted by Michael Moro, CEO of Genesis Global Trading, an OTC crypto trading firm. He said,
“You really won’t find [the floor] until you kind of hit the 3k-flat level.”
However, Bitcoin has already managed to bounce back from the $4k mark and twice at that. The volatility seems to have taken a breather after an onslaught of it for the past few days. For now, bears haven’t been able to push the prices below $4,000 level.
The RSI is already being oversold and as explained by the crypto trader and economist, Alex Kruger,
“Yesterday, BTC triggered my main oversold signal on the daily. This signal printed only once before: Jan/17/2015. Very close to a bottom that held for eight months, and was breached only once ever after, briefly, during the Aug/18/2015 flash crash.”
Whereas, crypto enthusiast and popular technical analyst, Crypto Yoda says,
high triggered without significant breakout nor follow-up buying, no volume, no convincing price action. needs more retesting
— CryptoYoda (@CryptoYoda1338) November 24, 2018
Moreover, crypto enthusiast Tommy Mustache shared an interesting infographic on Twitter,
“First, It was 1.5 yrs to come back to ATH of $1,140. From 8/18/2015 to 2/22/2017.”
Meanwhile, Bitcoin is yet again gaining some traction as per the latest data from Google Trends. Bitcoin is seeing a jump this month after registering a brief surge in searches in early September, hitting highest since April, this year.
Bitcoin searches in past 90-days, Source: Google Trends
Bitcoin price might be going downwards but it is already making progress with coming close to reaching the daily transaction volume of Mastercard at $11 billion. Founder and partner at Morgan Creek, Anthony Pompliano shared on Twitter,
Daily transaction volumes:
– Visa does ~$30 billion
– MasterCard does ~$11 billion
– Bitcoin does ~$8 billion
Bitcoin is closing the gap.
This will be the real flippening ?
— Pomp ? (@APompliano) November 23, 2018
Bitcoin just might have hit the bottom and waiting for a trigger. This trigger could be the upcoming institutional involvement in crypto space as shared by Michael Moro,
“The Fidelity product hasn’t launched yet. The Bakkt platform, which was scheduled to be launched in December, has been pushed back for about a month. So the announcements that have been made still haven’t hit the marketplaces, [as] investors haven’t been able to make use of the products.”
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?