NewsletterThis Is Worst Possible Bitcoin Bottom In Current Market Cycle?
While the cryptocurrency market anticipates the Ethereum Merge, Bitcoin appears to be struggling to find momentum. There are high chances of a blanket impact on all cryptocurrencies from the shift to proof of stake. However, even if there is a ripple effect with positive strides from the event, Bitcoin (BTC) could only fluctuate for short duration. In the past few days, BTC went back and forth around the $20,000 mark, raising questions a Bitcoin bottom in short term.
What Could Be The Next Bitcoin Bottom?
When looked at various price models, formation of the next possible market bottom could be analyzed. The delta price model shows a potential bottom around just below $15,000. This could be the most probable or nearest possible to the actual bottom, given the price movement in recent past. The price projection for the model points to a potential bottom at around $14,478, according to Crypto Quant findings.
“Historically, the market had reached a bottom when the price touched the delta price as in the 2015 and 2018 bear markets. The delta price indicates price could still fall by 28%.”
Whether Bitcoin will plunge further in the near future remains to be seen. Thanks to a series of adverse macroeconomic factors in recent times, the cryptocurrency faced unprecedented external turbulence.
As of writing, BTC stands at $19,782, down 0.94% in the last 24 hours, according to price tracking platform CoinMarketCap. This is drastically low when compared with the recent high of $24,887 reached in mid-August.
BTC Domination On Downward Curve
The share of Bitcoin among crypto assets by percentage of total market capitalization is on a downward curve. Currently, BTC occupies a market share of mere 39.59%, followed by Ethereum at nearly 19%. The current market share of Bitcoin is almost half of that of January 2022, which was just under 72%. The current levels are significantly lower when compared with the share in recent months. In June 2022, BTC maintained a crypto market share of 47.49%.
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