Bitcoin waiting for another crash?
According to Crypto, crypto analyst Benjamin Cohen is among those who expect the market to mimic other bear market cycles, particularly the 2018 capitulation scenario.
It would not be unreasonable to expect a bearish scenario similar to the one seen in 2018, where Bitcoin experienced a series of lower levels before capitulating sharply to lower prices to bottom out, says Cohen in his new analysis. He also cited historical data from the 200-day moving average technical indicator to support his argument.
According to him, the current market could see a potential capitulation event to mark another price floor near the Christmas holidays this year. At this point, Bitcoin could be poised for an uptrend.
However, he admitted that this analysis is only speculative, noting that bear cycles in the Bitcoin market have historically lasted an average of a year and that the current bear market has lasted more than a year, so it may end soon. .
Earlier, Koen told his more than 770,000 users to watch out for crossing the Bitcoin supply percentage in profit and benchmarks of Bitcoin’s 30-day moving average, as this could indicate a market bottom, just like in other bear markets.
While this confluence has yet to materialize, analysts and market participants expect the price of Bitcoin to fall even further from the two-year low of around $15,600 reached last week.
The total value of the global digital currency market is currently estimated at 830.08 billion dollars, which is 1.15% higher than the previous day. Currently, 37.94% of the total digital currency market is owned by Bitcoin, which has decreased by 0.06% in one day.
The total volume of the digital currency market in the last 24 hours is 45.09 billion dollars, which has decreased by 1.47%. The total volume in decentralized finance is currently $2.98 billion, which is 6.62% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $43.36 billion, which is 96.16% of the total 24-hour cryptocurrency market volume.
Ibena