Bitcoin’s price movement remains a hot topic within the market, as recent events have led to a downturn in sentiment among cryptocurrency investors. The price of Bitcoin has dropped from $70,000 to below $60,000, causing a significant shockwave. Let’s take a look at the perspectives of key figures in the cryptocurrency world during these developments.
Analyst’s Bitcoin Comments
A prominent figure in the cryptocurrency space, known as TechDev, drew attention to a Bitcoin (BTC) indicator after the price fell below the $60,000 mark on Monday. TechDev shared his insights on X, a social media platform for technology news. He pointed out that a market indicator suggests Bitcoin is poised to make a parabolic move in the near future.
TechDev delved into the Gauss channel, a tool used to identify price peaks and troughs and reflect momentum. This channel showed a two-week chart that closely resembled Bitcoin’s significant price surge in 2017. Additionally, TechDev examined the Chaikin Money Flow (CMF), which measures cash flow in and out of the market, and highlighted key points.
Discussing the CMF indicator, TechDev emphasized that Bitcoin has consistently remained above the rising trend line in his four-week chart analysis. He drew parallels to similar situations at the end of 2016, early 2013, and 2011, presenting a chart that illustrated a comparable pattern.
How Much is 1 Bitcoin?
Following a 4.34% increase in the last 24 hours, Bitcoin’s price has climbed to $62,000. Despite dropping to $58,500 yesterday, BTC experienced a notable recovery. The cryptocurrency’s market cap surpassed $1.2 trillion once again, although the 24-hour trading volume decreased by 17.8% to $32.8 billion.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
