Unless you’ve been under a rock; or that you haven’t found cryptotendencia.com until now; which is practically the same; You may have noticed that neither Bitcoin (BTC) nor the crypto ecosystem in general has done well. And apparently we may be traveling on the road to a Bear Run 🐻.
The price of the world’s first cryptocurrency bounced remarkably like which ball in the $ 10,500 resistance level. And after two weeks of bearish action; marked by the sharp decline in recent days, which led BTC from about $ 10k to $ 8,000 and more.
So we should not be surprised to find such a bad temper in the social networks of crypto traders, investors, and even the news pages.
However, many crypto analysts remain very positive. Since they have begun to promote a series of technical reasons and fundamental data on why they believe that Bitcoin (BTC) had this Bear Run; and why they think there isn’t much else to worry about. And here in cryptotency we summarize them.
Reason number 1: The level of macro support
While Bitcoin is dramatically lower than a few days ago in the past. A support level was shown to be very strong, and it was $ 8,500; which resisted BTC price levels and even bounced it; again like which ball up to $ 8,900.
Several of these crypto positive analysts believe that this rebound is a relative sign of an optimistic sentiment at the bottom of the crypto market.
Around $ 8,500 there is a confluence of so many macro levels of media, such as technical media.
He expressed Filb Filb.
Reason number 2: Bitcoin halving (BTC) is approaching
According to several experts, the massive shock generated by the halving of Bitcoin mining rewards is only months away.
Even if the world’s first and most famous cryptocurrency does not find a clear level of support over $ 8,500, the models point to a price increase.
Half the rewards reduction is an event that occurs once every approximately 4 years. And estimates express that halving could occur at the beginning of May.
The so-called “stock – to – flow” pricing model carried out by the famous twitero crypto PlanB, an analytic crypto that works for a European firm, suggests that Bitcoin’s shortage is closely related to the market value of the most important of the crypts
In his model, the next halving will shoot BTC to a place around $ 100,000; which would represent an increase of more than 1,000% compared to its price today.
As difficult as the fulfillment of this prediction may seem; According to PlanB itself, its model has a square R = 0.9372.
My model suggests that the relationship between Bitcoin shortage and its market price is not a coincidence.
Reason number 3: The general interest is increasing
The latest data shows that the interest of retail users towards the world of cryptocurrencies, especially towards Bitcoin, is increasing.
Among these data of popularity and interest there are several indices that are widely used by the cryptoverse.
- Demand for Grayscale’s Bitcoin Trust (GBTC): This index measures the exposure that the American public is having to cryptocurrencies.
- The volume of crypto exchanges operations: The volume in the main cryptocurrency exchanges has steadily increased in the last 2 months. Especially in Coinbase; which is considered as the favorite site for crypto retail hodlrs.
- Google Trends: This is one of the most used indexes, and in recent months searches for “Halving” Y “Buy Bitcoin” They have increased in unison.
This demand is important, because remember that it was this helped the Bitcoin takeoff from $ 1,000 to $ 20,000 in 2017.
Do you think there will be a Bear Run in these last months before the BTC Halving ?; Or do you think the fearsome Bear Run has already begun?