BONSERNEWS.com – A growing news buzz in analyst and crypto investor circles on Twitter about a strengthening of the Bitcoin price in July 2022.
This makes bitcoin digital asset investors ponder whether Bitcoin has touched its lowest price or not.
Quoting a Bloomberg report, Monday July 25 2022, given how intense the ups and downs or boom-and-bust cycles are in the crypto market, many remain cautious, as there are no clear signs given the agile nature of digital tokens.
Also Read: Share Price Increase to Reach 100 Percent in the Near Future, Here’s a List of Names of the Shares!
This cycle of ups and downs has happened many times before, namely when the price of Bitcoin jumped significantly but after that it even entered the area bearish.
The pace for Bitcoin to jump significantly is also likely to be difficult at this time considering the digital asset has been trading all year alongside US stocks, where there is much disagreement among strategists over whether the worst of the sell-off is over.
“It’s hard to call a bottom, especially with this one, because the rally was driven so much by young people who had never invested in anything before,” said Matt Maley, chief market strategist at Miller Tabak and Co.
Also Read: The Development of Crypto in Indonesia is Very Fast, Crypto Transactions Reach IDR 212 Trillion
According to him, as long as central banks such as the Fed carry out monetary tightening, it will be difficult to see sustainable developments.
Then the digital asset class has lost a lot of trust from investors, so it will take time to regain that trust back again.
Bitcoin has rallied about 15 percent over the past month to Friday 22 July 2022, while other tokens, including Ethereum, have posted better returns.
Noelle Acheson, Head of Market Insight Genesis, pointed to an investor survey by Bank of America showing downbeat sentiment and a potential investor capitulation.
Many stock watchers see the poll as a sign of a turnaround.
He also looks at something called the spent output profit ratio, from long-term Bitcoin holders or investors who have held Bitcoin for at least five months.
That ratio is currently below 1, meaning even long-term holders are selling at a loss. A dip below that level historically signals a bottom is imminent.
“There are many other similar analyzes to be found for Bitcoin. The token and its brethren have gone through one of the heaviest, and fastest price dips in their history,” wrote analysts at Glassnode,
Digital asset investors look at a measure called realizable value, which shows the difference between a coin’s value at the time of sale and at the time of purchase.
This is often considered the acquisition price of the Bitcoin supply chain.
Currently, this gauge shows unrealized losses of minus 5 percent, and previous bear markets also tend to fall below realized prices.
That’s today’s Bitcoin news which brings positive news to crypto asset investors.()