Bitcoin rally imminent, according to analyst who predicted crypto crash in 2022
Bitcoin has been through many difficulties since its inception, and investors and traders are feeling the pain of the crypto market meltdown this year. BTC is now trading at $19,322 at the time of writing.
Coingecko reports a 0.3% decline in value for the token. This month, crypto expert @woonomic tweeted that Bitcoin (BTC) has not yet bottomed and will not rally anytime soon.
However, Twitter’s anonymous crypto expert Capo has hinted that Bitcoin could see a recovery in the near future.
Bitcoin looks good
It was recently tweeted by the “Capo of Crypto” that Bitcoin is showing positive signs.
“Good morning! Market looks good for a final leg up. Higher highs and higher lows on ltf and demand is moving up. We could see 21k this week.”
Possible evidence that the market has bottomed and is about to rise further can be found in this tweet. However, one possible nuance remains, and this is information that BTC traders and investors should have.
Good morning!
The market looks good for a final leg up. Higher highs and higher lows on ltf and demand is moved up.
We could see 21k this week.
— il Capo Of Crypto (@CryptoCapo_) 24 October 2022
Financial markets are currently under pressure from global inflation. Bitcoin is highly correlated to the broader financial market despite the crypto market’s status as a high-risk financial instrument.
In this way, Bitcoin and the cryptocurrency market are vulnerable to general economic conditions.
Is it really time?
Considering what has been expressed in the past, investor confidence in the coin may still be pessimistic just based on another tweet from Capo.
Although a supposedly bullish sentiment is building, he said there are still plenty of card games opening.
According to CryptoQuant, Bitcoin market measures indicate a market bottom, which may indicate that Capo’s forecast was correct after all.
Seven days ago, BTC currency reserves fell by 2.26 percent. This indicates that individuals are buying BTC sold at a loss.
At the time of writing, the market is seeing a drop in sales. This supports the notion of a market bottom, and BTC bottomed out in the $19,000 range.
This price is well below the $20k psychological support. However, since the market is currently in the capitulation phase, we can expect Bitcoin to bounce to a higher and more robust support level.
Considering that a Bitcoin market rally is imminent, a crypto market rally is also a distinct possibility. In the coming weeks, further market data can be expected.
BTC market cap at $371.9 billion on the daily chart | Featured image from Finance Magnates, Chart: TradingView.com Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.
