The decline in the price of the first cryptocurrency to a ten-week low did not affect the technical picture, which promises the development of an upward movement. This was stated by the founder of LookIntoBitcoin Philip Swift.
1/ A lot of panic in the market today.
zooming out, #bitcoin is actually performing well and as expected for this stage of cycle.
A clear $BTC breakout above Realized Price. pic.twitter.com/q4vTzJZBtg
— Philip Swift (@PositiveCrypto) May 25, 2023
The expert drew attention to the breakthrough of the realized price quotes from the bottom up.
According to his calculations, in the past, in the next 140 days after receiving such a signal, an uptrend continued. The crossing of indicators took place in mid-January 2023.
“Today on the market [наблюдается] big panic. In fact, at this point in the cycle, bitcoin is behaving as expected.” Swift pointed out.
Analyst Checkmate at Glassnode pointed to an “exhaustion” of sellers.
#Bitcoin Sell-side Risk ratio is approaching all-time lows.
This indicates that investors are reluctant to spend coins which are in profit, or loss within the current price range.
This usually occurs when sellers are exhausted on both sides, suggesting big moves are coming pic.twitter.com/wYNYiZ8uu3
— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) May 24, 2023
The specialist cited the data of the Sell-side Risk Ratio metric, which dropped to near-record levels. The current ratio indicates a low willingness of investors to spend coins that make a profit or loss in the current price range, he pointed out.
“Big moves are coming” Checkmate warned.
Recall that the founder of the asset management company Mott Capital Management, Michael Kramer, admitted the risk of a collapse of bitcoin to $20,000.
Experts previously polled by CNBC were bullish on digital gold. According to their forecasts, this year the asset can test the previous high and even reach $100,000.
Analysts at Standard Chartered gave the first cryptocurrency $100,000 a longer time – until the end of 2024.
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