Since April 2022, the crypto market has been overcome with bearish pressure. However, the market has turned green from the start of July as the bulls have gained slight control over the major cryptocurrencies.
The price of the world’s first cryptocurrency, Bitcoin, and the lead altcoin, Ethereum, has gained 7.4% and 15.2%, respectively, this month.
Meanwhile, one of the popular analysts, Wolf, believes that Bitcoin is set to signal a conclusive indication about this month’s macro bottom. In a Twitter thread, the analyst focused on the key moving average, proving that Bitcoin price movement is not going any lower now.
Amid many predictions of Bitcoin’s price hitting record lows, one historical trend is positive and suggests that the BTC/USD pair has reached its lowest record and is not going any further.
What Lies Ahead for Bitcoin (BTC)?
Wolf, takes a 3-day chart as his basis for analysis and claims that if a 100-day moving average (MA) surpasses that of a 200-day moving average, this will be a price floor signal or buy signal. He expects this to happen in mid-July or by July 15, confirming that the bottom has occurred.
On the contrary, if Bitcoin fails to surpass this level, $17,600 will be the lowest ever recorded for Bitcoin price.
Meanwhile, on July 13, market participants will be more focused as this is the day when the United States will reveal the Consumer Price Index (CPI) information.
Also, another analyst Keith Alan claims that if there is an overturn by resistance/support (R/S), the 50-month MA will be formed, and a 200-week MA will follow this. During the earlier bear market, this price movement was a key focus.
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Source: https://coinpedia.org/bitcoin/bitcoin-bottom-confirmation-by-july-15th-heres-whats-next-for-btc-price/