For the third straight day, all major cryptocurrencies, including Bitcoin, Ethereum, and Solana, extended their gains as the situation finally picked up pace.
Although it has maintained slightly above $21,000 over the previous 24 hours, bitcoin has been quite stable and calm.
The king coin has been overshadowed by altcoins, with ETH, SHIB, AVAX, and SOL all posting significant daily increases.
Following the Fed Chair’s most recent announcement regarding hiking interest rates, BTC retraced from its week-long top of $21,500. The market value of cryptocurrencies on Saturday, June 25 increased by 2.67 percent on the previous day to reach $954.13 billion at the time of writing.
Chances of Upside are Below Average ?
A well-known cryptocurrency trader has predicted what has to happen for the most valuable digital asset, Bitcoin, to turn bullish. Rekt Capital, a cryptocurrency analyst, predicts that Bitcoin would likely suffer until its buy-side volume starts to increase.
Rekt Capital also points out that this week’s buy volume for BTC is insignificant when compared to buy volumes at past bear market bottoms that occurred near the 200-week moving average.
In comparison to buyer volume at prior Bear Market Bottoms created around the 200-week moving average, the BTC buy-side follow-through on last week’s high sell volume is still quite low as the week comes to a finish.
Then, Rekt Capital issued a warning to investors, stating that Fear of Missing Out (FOMO) BTC investments should typically be saved for bad days, especially if BTC is around $20,000.
Additionally, he predicts that the top cryptocurrency asset by market cap will probably bottom out when investors least expect it to.
“Not only will the BTC bottom take place when you least expect it to. But it will occur in a moment when you are devoting less time/thought to crypto in general. Consolidation inspires boredom & downtrends provoke the ostrich effect. Both distract from opportunity.”
At the time of writing, BTC is trading at $21,089 and has increased by 0.49 percent in the last 24 hours.
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Source: https://coinpedia.org/bitcoin/will-btc-flip-the-bearish-blues-heres-when-and-how/