Analysis: Is it a good time to buy bitcoin…what about the possibility of a return to test $20,000?
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Answer Analysis: Is it a good time to buy bitcoin…what about the possibility of a return to test $20,000?
On June 18, Bitcoin price dropped to a low of $17,622 on the Binance trading platform.
Since then the analyst community has been in deep debates about whether this is the bottom of Bitcoin.
According to CryptoQuant, the bottom may not be there yet, but we are about to watch it take shape.
a statement Thomas Hankar, an analyst at CryptoQuant, said the 20-day SMA (LTH SOPR) indicator indicates that we have reached a third of the potential bottom.
The data shows that this ratio has spent about three months below the neutral level value, which, according to analyst Hankar, is a third of what it normally takes to reach the bottom.
Read:Tesla sells most of its bitcoin holdings in Q2 2022
The analyst goes further, noting that the 20-day moving average “smoothing” line included the index.
As far as the 20-day moving average smoothing line is technically concerned, between July 10-14, we saw what appears to be a bounce off the actual LTH SOPR 2020 low, and coincidentally not too far from the 0.49 level, which represented the lows in Both the 2015 and 2018/2019 periodic troughs.
Analyst Hankar believes it is time to start expanding, but with caution, telling:
Just in case we get another chance to buy under 20k.
It has been about 47 days since the last drop, so it is believed that it is best to make sure to cover the possible breakout scenario as well.
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