Bitcoin has been through a lot of hardships since its inception and investors and traders are feeling the agony of the crypto market meltdown this year. BTC is now trading at $19,322 at the time of writing.
Coingecko reports a 0.3% decrease in value for the token. This month, crypto expert @woonomic tweeted that Bitcoin (BTC) has not yet touched bottom and would not soon rally.
However, Twitter’s anonymous crypto expert Capo has suggested that Bitcoin may have a recovery in the near future.
Bitcoin Looking Good
It was recently tweeted by the “Capo of Crypto” that Bitcoin is showing positive signs.
“Good morning! Market looking good for a last leg up. Higher highs and higher lows on ltf and demand being moved up. We could see 21k this week.”
Possible evidence that the market has bottomed and is about to surge forward can be found in this tweet. One possible nuance remains, though, and this is information that BTC traders and investors should have.
Market looking good for a last leg up. Higher highs and higher lows on ltf and demand being moved up.
We could see 21k this week.
— il Capo Of Crypto (@CryptoCapo_) October 24, 2022
Financial markets are currently under pressure from global inflation. Bitcoin is highly correlated to the broader financial market despite the crypto market’s status as a high-risk financial instrument.
In this way, Bitcoin and the cryptocurrency market are vulnerable to general economic conditions.
Is It Indeed Time?
Considering what has been expressed previously, investor confidence in the coin might still be pessimistic based only on another tweet from Capo.
Even though a supposedly bullish feeling is building, he stated that there are still many short bets being opened.
According to CryptoQuant, Bitcoin market measures indicate a market bottom, which could indicate that Capo’s prognosis was correct after all.
Seven days ago, BTC exchange reserves decreased by 2.26 percent. This indicates that individuals are purchasing BTC sold at a loss.
As of this writing, the market is seeing a drop in sales. This supports the notion of a market bottom, and BTC bottomed in the $19,000 range.
This pricing is much below the $20k psychological support range. As the market is currently in the capitulation phase, however, we can anticipate Bitcoin to bounce to a higher and more robust support level.
Considering that a Bitcoin market rally is imminent, a crypto market rally is also a distinct possibility. In the coming weeks, additional market data might be anticipated.
BTC market cap at $371.9 billion on the daily chart | Featured image from Finance Magnates, Chart: TradingView.com Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.