Analyst and trader Peter Brand examines the history of Bitcoin’s capitulation to determine if the flagship cryptocurrency has eliminated enough weak hands to mark the bottom.
Brand told his 601,900 followers on Twitter that the huge increase in volume during the deep correction often shows that BTC is close to resuming its upward trend.
“The consequences of volume. Key lows in the BTC came with a large-scale panic surrender. That should (still ???) happen. ”
Looking at Brand’s chart, large volumes of withdrawals hit the bottom for BTC during the adjustments in February 2018, November 2018, March 2020 and May 2021. Don’t Miss: An altcoin jumped almost 100% against a market stagnation Brand also says that while Bitcoin may not print capitulation volume this time to dig a bottom, it is still looking for volume expansion to maintain the uptrend.
Meanwhile, fellow analyst and economist Alex Krueger believes that the bearish market structure of Bitcoin shows that the largest cryptocurrency has already reached its bottom. “BTC’s graphics look awful, but the graphics always look awful around the bottom. This is how the minds of many who are trying to determine the time for the bottom work: they now think that ‘heavy graphics, 42,000 dollars must be reached’.
But a push over $ 50,000, which is very close, will make them think we’ve ‘bottomed out.’ Krueger also said that Bitcoin has a “very high” chance of returning over $ 50,000 in the coming days.
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