How will Bitcoin (BTC) go in the short term before going up?

How will Bitcoin (BTC) go in the short term before going up?

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Answer How will Bitcoin (BTC) go in the short term before going up?

The crypto community may not have historically hoped or expected that Bitcoin would be as bad as it is in the current cycle.

In just four weeks, the price of Bitcoin (BTC) has soared above the important $20,000 milestone on four occasions.

This psychological factor brings with it hope for a potential rally, considering the painfully poor bear market environment present this year.

Meanwhile, the Bitcoin trading community appears to be in an area where buying is currently prohibited.

What Could Happen Before BTC Takes Off?

The bitcoin buying pattern indicates that there was not enough traction in terms of buying when the price fell.

Read:It’s been 9 years since the bitcoin market cap reached $1 billion

According for data Crypto Quant There is less short-term buying at the moment.

This happens because the market drop has been longer than expected.

Data on the percentage of Bitcoin purchases from one week to one month shows a consolidation movement.

This could be a perfect buy signal as Bitcoin is likely to break out of this scenario.

The same data added:

The longer the market is down, the less buying in the short term.

Is there more drop?

On the flip side, there is another chance for a further drop in the Bitcoin (BTC) price.

This scenario also means that many investors may panic selling cryptocurrencies.

As a result, new buyers can reduce confidence in short-term profits.

The market is hoping that such a scenario will not materialize as market indicators are showing that the bottom is already in place.

Thus, a reasonably possible rise of Bitcoin from the current level may be possible.

At the time of writing, BTC is worth $19,950, down 1.95% in the last 24 hours, according to CoinMarketCap.

Read:Ronin Bridge Hackers Move $625 Million Into Bitcoin

In an encouraging sign of potential bull market conditions, there is steady growth this week, with 7-day growth of 2.5%.

Read:Dubai unveils “Crypto Valley” as the world’s largest system of blockchain and crypto technologies

Currently, the macroeconomic scenario does not seem suitable for the launch of the cryptocurrency market.

However, there is a reasonable chance that Bitcoin will deviate from the correlation with traditional assets.

While a section of stock market traders believe that the recession has already begun, reports indicate that there may be a bad pullback in the near future.

Recently, a United Nations agency warned several central banks, including the US Federal Reserve, of the risks of a recession.

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