Bitcoin’s Much-Awaited Comeback! BTC Price Trying to Ignite Fresh Rally!
Most traders have been sitting on the sidelines from Bitcoin as it struggles to end the current consolidation zone. The price of bitcoin is still hovering around $19,300 and is moving sideways on lower timescales. Since it has been fluctuating within the same range for several weeks, the price is struggling to gain momentum.
BTC price To Initiate Fresh Rally!
A seasoned professional trader, Scott Redler in a recent tweet said that bitcoin is due on the cusp of another significant breakout. The analyst believes that the BTC price will eventually rise higher now.
$BTC trying to Ignite a bit. It’s time.— Scott Redler (@RedDogT3) October 23, 2022
Redler predicted last month that the price of Bitcoin may fall to $10,000 if it managed to hold the $17,600 mark, which continues to be the 2022 low.
Bitcoin Won’t Crash 50%
Will $BTC drop 50%, like in November of 2018?— CryptoQuant.com (@cryptoquant_com) October 21, 2022
"They are wrong about this bear market; let's find the most realistic bottom price target for $BTC."
Many analysts predicted that the BTC price is following a similar price pattern as that of 2018, and thus is on the verge of dropping 50% in the coming days. But the on-chain platform crypto quant has a different view, As per the platform, Analyst comparing BTC’s current price action to November 2018 is wrong.
According to the crypto quant, the market is already in a bear market and has experienced a drop similar to November 2018. As per the analysis, the November 2018 drop from $6k to $3k is very similar to the fall from $30k to $18k.
According to the crypto quant, the market has already entered a bear market and has fallen like it did in November 2018. As per the analysis, the decline from $6k to $3k in November 2018 is quite similar to the decline from $30k to $18k.
Furthermore, Onchain Edge concludes in the comments that now is a good time to start accumulating Bitcoin on a dollar-cost-averaging (DCA) basis. Even if the price declines, the analyst believes that the bottom is close.