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Bitcoin, Ethereum and Altcoins Present Signs of Incoming Price Turnaround; Here’s When

Sat, 07/02/2022 - 21:30
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Tomiwabold Olajide
Bitcoin, Ethereum and other altcoins show signs of impending price move
Bitcoin, Ethereum and Altcoins Present Signs of Incoming Price Turnaround; Here’s When
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According to the MVRV divergence, on-chain analytics firm Santiment suggests that Bitcoin, Ethereum and other altcoins are currently "underbought."

Per the on-chain analytics company, these crypto assets have reached the historic MVRV level, where a price turnaround to alleviate current losses may be anticipated, although it is difficult to predict when this will occur.

Several floor formation indications are currently flashing for Bitcoin, according to Glassnode. However, given the current macroeconomic environment, all models and historical precedents may be put to the test when it comes to determining a bear market floor for Bitcoin.

Although all Bitcoin macro indicators, from technical to on-chain, are at all-time lows and coincide with the development of the bear market floor in previous cycles, it is still difficult to pinpoint the bear market bottom at this point.

Cryptoanalyst and economist Alex Kruger believes that Bitcoin might have capitulated during the market slump two weeks ago. The analyst underlined the fact that trading volumes reached their peak at this time, indicating capitulation, which produces significant bottoms.

113,884 BTC bought by retail holders in 2022

According to on-chain analytics company IntoTheBlock, small Bitcoin holders are still aggressively accumulating. BTC addresses that own less than 1 BTC have been accumulating their holding in 2022 at an impressive rate, adding 113,884 BTC.

According to Glassnode data, this group of holders has seen a surge recently, reaching a new high. According to the blockchain data firm, there are currently 3,662,897 addresses holding more than 0.1 Bitcoin.

Bitcoin trades at $19,274 at press time.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.