The Bitcoin market is currently experiencing a period of weakness, with a 9.3% decline over the last 30 days. As of now, BTC is priced at $60,385.16 — significantly lower than the peak it reached in mid-March. But how long must investors wait for a strong bullish trend to emerge? According to a recent revelation by a crypto expert, the wait might not be as long as anticipated.
Let’s explore the rationale behind this prediction.
Comparing the Market Crashes
In a recent post on X (formerly Twitter), crypto analyst Moustache compared the recent stock market crash in Japan to Bitcoin’s price crash in 2020 during the pandemic. He pointed out clear similarities between the two events and used this comparison to predict a potential bullish trend for Bitcoin.
Moustache encouraged Bitcoin investors to stay confident about the market’s future based on these patterns.
Market Indicators: Where Does Bitcoin Stand?
Currently, the market remains lower than its simple moving average of $61,745 and its exponential moving average of $60,892.
The 24-hour trading volume is at $143.11 million, much lower than the month’s peak of $432.00 million, which occurred on August 5th when the price hit its lowest point of $53,987.
The Relative Strength Index (RSI) shows Bitcoin in a neutral state — neither overbought nor oversold — with an RSI value of 47.97, just below the 50 threshold.
The connections drawn by Moustache between the 2020 Bitcoin crash and the recent Japan stock crash have sparked a sense of hope among Bitcoin investors. While the market remains subdued, these insights suggest a bullish reversal could be on the horizon sooner than expected.
Also Check Out: Top Altcoins to Buy During Bitcoin’s Temporary Slide
The wait for a bullish trend might be shorter than you think!
Source: https://coinpedia.org/news/bitcoin-price-analysis-expert-predicts-bullish-breakthrough-post-japan-crash/