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.”
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.