With the weekend major altcoins are showing signs of a rebound. The world’s first cryptocurrency, Bitcoin has regained the $40,000 mark taking Ethereum and other major altcoins on a bullish trend.
After Bitcoin had its peak at $49,000 in March, the currency started its downside journey leaving investors doubtful about its next stop.
At the time of writing, Bitcoin is trading at $40,535 with a plunge of 1.00% over the last 24hrs.
April 11th was the first in 2022 that Bitcoin saw crashing below $39.3k after the asset broke a support level of $40,000. On 11th April Bitcoin’s day’s market closed at $39.5k and the next day it established $40,000 as a new support zone. Later Bitcoin’s support level has been swinging between $39k and $40k.
With the way cryptocurrencies are performing in the past few weeks a sense of fear has risen among investors. The Fear and Greed Index (FGI), an indicator that depicts the market sentiment in the crypto world, also suggests Extreme Fear.
Analysts Have A Positive Approach
At the moment, Bitcoin and other cryptocurrencies have not seen much positive outlook, yet a few analysts remain bullish as they claim that the market is expected to make a notable turnaround much sooner than they expect.
In the present bearish market, while the whales have been accumulating more and more Bitcoins, the short-term holders have given away and most long-term holders have remained unmoved.
A Blockware Solutions lead insights analyst, Will Clemente was seen tweeting recently that according to data from Glassnode, a Blockchain data provider, Bitcoin has now stepped into the “zone of heavy opportunity (green).”
Will Clemente was also seen claiming that this is the first time that Bitcoin is in this zone for such a long period of time, and said Bitcoin is most likely to see a comeback.
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Source: https://coinpedia.org/bitcoin/bitcoin-in-heavy-accumulation-zone-when-will-btc-price-blast-out-of-consolidation/