This Indicator Could Show Next Bitcoin Bottom
There is an important indicator that could show which the next Bitcoin bottom is. Check out the latest reports below. It’s been revealed that there is a popular crypto analyst who said that he’s closely following one ind...
There is an important indicator that could show which the next Bitcoin bottom is. Check out the latest reports below.
It’s been revealed that there is a popular crypto analyst who said that he’s closely following one indicator that has consistently marked the bottom for Bitcoin (BTC) since 2017.
Keeping an eye on the weekly Coinbase Bitcoin volumeIn a new video, crypto strategist Kevin Svenson said that we should keep a close eye on the weekly Coinbase volume of Bitcoin, which he says has been an accurate indicator of trend reversals.
“My number one indicator is the indicator that has almost never failed me before, and that is the weekly Coinbase volume. My channel has been known for talking about this and calling tops and bottoms just simply by looking at the Coinbase weekly volume.’
He continued and explained this:
“The 2017 top, major volume signature on that. Even that $6k low point that we held for the better part of a year, that bounce right there, huge volume spike. Bitcoin comes down to the bottom of the 2018 bear market, massive volume signature.”
He also said the following:
“Bitcoin hits that $14k top in 2019, massive volume signature. Bitcoin hits the Covid bottom at $3,800, massive volume signature. Bitcoin hits $30k, our current major support line right there, massive volume signature.”
Svenson also made sure to say that in order for Bitcoin investors to confidently say that the bottom is in, they would have to see a massive volume spike after a correction.
“It’s unlikely that we would get that type of volume on a bounce. Bull trends take time to build up. The bull is a conspiratorial animal that works together like a herd to push the price up, but the bear is alone. It acts alone, and it comes in and kind of just swipes the market really quick.”
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $38,448.
The post This Indicator Could Show Next Bitcoin Bottom first appeared on CryptoGazette - Cryptocurrency News.Original source
Read on CryptoGazetteRelated market context
Coinbase Teases Next Phase of ‘Everything Exchange’ for Crypto, Stocks, Perps
Coinbase is teasing the next phase of its Everything Exchange vision built around one account for crypto, stocks, ETFs, cash, perp...
Standard Chartered Calls Crypto Bottom as Bitcoin Price Recovers From $59,000 Low
Bitcoin Magazine Standard Chartered Calls Crypto Bottom as Bitcoin Price Recovers From $59,000 Low Standard Chartered’s head of di...
Tether USDT Briefly Overtakes Ethereum in Market Cap: A $187B Wake-Up Call
For a few hours, earlier this week, Tether USDT stablecoin held a higher market cap than Ethereum, the first time that has happene...
Google Gemini AI Predicts Jaw-Dropping XRP Price For Next 90 Days
Google Gemini AI just put XRP back under the spotlight, predicting it is tightly wound for a major breakout toward $1.60 to $1.80...
Elon Musk SpaceX AI Predicts Incredible Bitcoin Price For Next 30 Days
Here is the thing about capitulation calls. They only sound smart in hindsight. Right now, with Bitcoin price scraping along the l...
Are 24/7 CME Bitcoin futures a volatility cure — or a new leverage trap?
Wall Street got to trade Bitcoin around the clock just in time to watch the market fall apart. CME Group launched 24/7 trading for...