The post Alert Traders! No Sign Of Recovery For Bitcoin Price, Here’s Where BTC is Heading This Week appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
According to a largely followed expert, Bitcoin is displaying a pattern that has previously signified the bottom not just for BTC, but across all cryptocurrencies.
Alex Krüger informs his 139,200 Twitter supporters that he is regularly monitoring Bitcoin consolidated traffic, which includes both spot and perpetual marketplaces throughout all exchanges platforms
Several Bitcoin traders, as per the analyst, possibly escaped weeks back once the accumulated volumes of BTC achieved a fresh all-time high.
Alex goes on to say that trading activity is often strongest whenever markets surrender, and so submission causes huge falls. The analyst presents the weekly chart which shows the total Bitcoin volume towards the majority of BTC exchanges (spot and perpetual across exchanges) and says just two weeks before the volume reached its all-time high.
Krüger also claims that the world’s first currency has flattened off in the previous two years when its volume rose to historic levels.
As per the strategist analysis, the volume during the weeks of March 12th, 2020 (2020 bottom) is the second-largest recorded. The third is during the week of May 19th, 2021, and the fourth is during the week of June 21st, 2021 (2021 bottom). Next, the fifth was in the week of May 2022 (Luna Apocalypse).
The researcher stresses that the accumulated volume of BTC records the amount of bitcoin that is traded rather than being pegged in US dollars.
The analyst believes that denominating size in BTC keeps it similar over a period. Hence, with denominating volume in (Bitcoin), price per unit and market capitalization becomes meaningless. And that is the entire point, as per Alex.
Bitcoin Price Not To Surge Anytime Soon
Though Krüger thinks BTC is already in the early stages of developing a bottom, he also believes the top virtual money will not rise anytime in the near future.
Alex Krüger concludes his analysis by saying it is a recurring trend and is visible throughout assets and asset classes.
He then asks to Inspect it, as it may provide an extremely big illustrative size and even some questionable possibilities. Lastly, the strategist quotes that the trend doesn’t really indicate that after the price reaches the bottom, it will rise. There are currently no such possibilities.
At the time of publication, Bitcoin is trading at $19,700.