Crypto Quant Data Suggests Imminent Bitcoin Price Rally, Will It Be Strong?
The beginning of 2022 has been rocky for the world’s largest cryptocurrency, Bitcoin. Many experts believe that the digital token will eventually reach the $100K price. For them, this is not a case of if, but when. Deutsche Bank also reported that some Bitcoin investors see BTC reaching a price of $110,000 in five years.
Meanwhile, experts are warning new crypto investors, saying they should be careful about how much they want to invest. They mentioned this considering the recent volatility of BTC.
The token had shown a remarkable increase in value over the years. So, while the market remains bearish, investors expect a short-term bull run in the price soon.
Bitcoin Price Movement Briefing
While the crypto market currently looks unfavorable for investors, BTC is apparently shaping up for a rally. It has remained around the $19K price level since falling from $22,000 in September. Bitcoin has maintained a fluctuating movement, which many believe is a sign of at least a short-term rally.
The adverse price movement of Bitcoin can be traced to several factors coinciding with the current global economic downturn. Another important factor that led to the fall in the crypto market was the crash of Terra.
Since mid-June this year, the event has kept BTC hovering around the $20K price mark. Although there were a few times it went past this price level.
Expected BTC Rebound
While the market remains in the bear zone, the crypto market is showing signs of an upswing. This is evident from the chain data of the digital currency market. According to data from Crypto Quant, investors can anticipate a long and robust bullish trend in the market.
A report shows that BTC showed some growth in its daily and weekly volume. This fact usually indicates the construction of a solid and long bullish trend. On this basis, investors are hoping for a bullish market in the short term.
Although these signs are not new, given that they were also seen on several occasions in March 2022. At the time of writing, the Bitcoin price stands at $18,712 with a price change of 2.31%.
Experts cited that a bullish swing in the BTC price is still far-fetched. Their predictions are based on the historical trend of the crypto market, which usually lasts 24 to 27 months.
Florian Grummes also expressed his thoughts on the current crypto winter. Grummes is director of Midas Touch Consulting. In his speech, he stated that crypto crash could last for one more year based on the historical pattern.
Featured image from Pixabay and chart from TradingView.com
