Bitcoin’s price movement has been a hot topic in the market lately. Over the past 1.5 weeks, there has been a negative sentiment among cryptocurrency investors as the price dropped from $70,000 to below $60,000. This has caused quite a shockwave. Let’s take a look at what some prominent figures in the cryptocurrency world have to say about these developments.
Analyst’s Bitcoin Comments
One of the leading figures in the cryptocurrency world, known as TechDev, pointed out a Bitcoin (BTC) indicator after Monday’s drop below the $60,000 level. TechDev took to the social media platform X to share his insights. He mentioned that a market indicator suggests that Bitcoin is likely to make a parabolic move soon. The Gauss channel, which is used to determine price peaks and troughs and reflect momentum, showed a two-week chart similar to Bitcoin’s notable price rise in 2017. TechDev also examined the Chaikin Money Flow (CMF), which measures cash flow in and out of the market, and highlighted key points. He noted that Bitcoin has remained above the rising trend line for the fourth time in his four-week chart analysis. TechDev pointed out similar situations, referencing the end of 2016, early 2013, and 2011, sharing a chart that highlighted a similar pattern.
How Much is 1 Bitcoin?
After a 4.34% rise in the last 24 hours, Bitcoin’s price has increased to $62,000. Yesterday, the BTC price dropped to $58,500 but then experienced a clear recovery. BTC’s market cap rose above $1.2 trillion again, while the 24-hour trading volume fell to $32.8 billion after a 17.8% drop.
Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.