Less than 24 hours ago, bitcoin crossed the $22,000 threshold.
This comes after the price bounced off the $18,000 support level and hit the $21,000 zone only last week.
This steady price increase could signal some sentiment shift in the market, and many analysts have also begun to consider the possibility of bitcoin has reached its bottom.
Bitcoin Price Analysis
On the daily chart, BTC has bounced off the $18,000 support level and is beginning to rally upwards. The price has reached the 50-day and 100-day moving averages, which converged at $22000.
If the price of BTC breaks this level to the upside, a crossover between the 50-day and 100-day moving averages might be seen, signaling a potential move to the $24,000 level.
Is the Bitcoin Bottom in
Asides from the technical indicators provided on bitcoin’s charts, crypto trading analyst Ali Martinez has shared his thoughts on the BTC address increase issue.
Martinez thinks the bottom of bitcoin might be in after seeing that the number of daily address have spiked recently.
In Martinez’s words, “the number of daily BTC addresses on the network appears to be increasing rapidly, with the moving average hovering around 410,000 addresses.”
According to Martinez, if this number continues to climb, only an additional 5000 addresses may be required to confirm this forecast.
Not Everyone Agrees with Martinez
In contrast to Martinez’s thoughts, Altcoin Sherpa, another analyst, doesn’t think bitcoin corrections are a thing of the past. According to Sherpa, bitcoin may only be retracing and could still trade lower.
In Sherpa’s words, “If you’re patient, then maybe we’ll see 20k again. I would look for $20.5k at a minimum, keeping a close eye on the EMA and lower timeframes”.
If things go “well” for bitcoin, a quick rise to $23K – $24K can be witnessed. If the 4-hr timeframe, however, has a poor closing price, bitcoin may just as quickly decline below $20k and may even hit the $18K zone again.
Disclaimer:The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)