Bitcoin Crash Prediction: Many are arguing that Bitcoin reached its 2022 low on Saturday. Since Saturday, BTC is up 23%. Does that mean the Crash is over?
Bitcoin Crash Prediction: Why are people claiming the Crash is over?
- Santiment Data: The supply or BTC supply remains low suggesting many think the prices of Bitcoin will rise from higher
- Technicals (MACD and RSI analysis) is suggesting that the Bitcoin low is here
- Whale Holdings of BTC has surged over the last 7 days
- On the Macros side, Crude OIl prices are down nearly 7% over the last 2 weeks.
Bitcoin Crash Prediction: Why are people claiming the Crash is NOT over?
- Some analysts are arguing that given that nearly half of Bitcoin Holders are still in the money, the low of the year has not yet been reached. Bitcoin hash rate has fallen over the last 3 days suggesting that miners are not confident about Bitcoin prices
- The economic fundamentals (Inflation primarily) have not changed yet
- There may be more companies and cryptocurrencies that could fail in the next few weeks and months (like Luna, Celsius, 3AG ), and the Federal reserve’s rate hikes have only begun and are nowhere near where the Fed wants it to be.
So while there are reasons to believe that $17k was the bottom, there are some loose ends as well. It is best to wait for the consumer inflation report on July 13th to confirm the bottom. That data should show inflation has fallen in June 2022.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.