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Did the crypto market bottom this week? — Here’s what the data shows

Bitcoin is chasing $60,000, and altcoins are showing modest gains today. Does that mean the crypto market has bottomed?

Bitcoin’s (BTC) relief rally has seen it rise 21% above the Aug. 5 bottom of $49,577. The recovery has also been witnessed across the broader crypto market, with the total market valuation reclaiming the $2 trillion level, up 20.5% since Aug. 5.

Market participants are now looking for clues on whether the crypto market has bottomed and begun the early stages of a trend reversal. 

Some analysts believe that investors are holding onto their positions until the Federal Reserve decides on interest rate cuts during the next FOMC meeting scheduled for Sept. 18. 

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Bitcoin ‘potentially reached’ local bottom, Bitfinex says

Bitfinex analysts pointed out several reasons suggesting that Bitcoin’s bloodbath should be over soon.

After facing a massive sell-off in June, Bitcoin might have potentially reached a local bottom, according to a new report by analysts from the Bitfinex exchange.

Bitcoin’s (BTC) price plummeted below the 120-day range on July 3, dropping to as low as $53,219 amid the increasing fear, uncertainty and doubt related to the start of Mt. Gox’s creditor repayments and other issues.

Bitfinex analysts suggested on July 8 that Bitcoin might have reached a local bottom based on market data over the weekend, even though Mt. Gox is yet to distribute 94,457 BTC — or about 67% of total BTC in repayments collected for creditors.

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On-Chain Indicator Flashing Cyclical Bottoming Signal for Bitcoin (BTC), Says Crypto Analyst Benjamin Cowen

On-Chain Indicator Flashing Cyclical Bottoming Signal for Bitcoin (BTC), Says Crypto Analyst Benjamin Cowen

A widely followed crypto analyst says that one key on-chain indicator is pointing toward a cyclical bottom for Bitcoin (BTC). In a new video update, crypto analyst Benjamin Cowen tells his 774,000 YouTube subscribers that Bitcoin’s percentage of supply in profit and loss metric is flashing signs of a historical bottom for the top crypto […]

The post On-Chain Indicator Flashing Cyclical Bottoming Signal for Bitcoin (BTC), Says Crypto Analyst Benjamin Cowen appeared first on The Daily Hodl.

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Is the bottom in? Crypto community shares their thoughts

From waiting for Bitcoin prices to go lower to hoping that the fun goes on, community members shared their thoughts on crypto prices.

Buying the dip instantly becomes a nightmare when crypto prices go down even further as the bear market continues its onset. However, recent dips show that current prices may potentially be a good entry point for traders. To find out what the community thinks, Cointelegraph asked Twitter to answer the question — is the bottom in? 

From bracing for further impact and waiting for Bitcoin (BTC) prices to go lower to hoping the fun that comes with a bull market goes on, crypto community members shared their thoughts on the crypto prices’ bottom. 

Some Twitter users are convinced that it's not yet the bottom. One community member replied to the thread, saying that people should be ready for Bitcoin to go even lower. "This winter will be hard," they wrote. Despite being of the same sentiment that it's not yet the bottom, another Twitter user shows a more positive vibe saying that they just cashed some winners and are waiting for what’s next.

Meanwhile, a community member who wrote “shitcoin maximalist” on their Twitter bio replied to the thread in a jolly manner but was seemingly tired of the crypto crashes. They tweeted:

Apart from these, another community member also responded with hopes that the recent price dips are already at the bottom. According to the community member, unless the BTC price leaves the $25,000 mark, traders will not know if current prices are truly the bottom. However, the trader hopes that this is it so that "the fun can resume." 

Related: Reddit NFT avatars selling for a premium on OpenSea

In September, analysts discussed the Bitcoin bottom topic and gave their thoughts in a Twitter space hosted by Cointelegraph. In the talk, Blockware Solutions analyst Joe Burnett said that there are many factors that put pressure on Bitcoin, including government attempts to combat inflation.

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‘World War III Has Begun,’ Says Gerald Celente; Plus, Long-Term BTC Predictions and Scorching US Inflation — Bitcoin.com News Week in Review

‘World War III Has Begun,’ Says Gerald Celente; Plus, Long-Term BTC Predictions and Scorching US Inflation — Bitcoin.com News Week in ReviewTrend forecaster Gerald Celente told Bitcoin.com News that “World War III has begun,” weighing in on Covid-19, crypto, the Great Reset, and gold in an exclusive interview. Jordan Belfort, aka the Wolf of Wall Street, talked long-term BTC investing, as scorching inflation in the U.S. continues to plague Americans, though Biden’s White House says the […]

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Bitcoin May Witness Massive Rally This Year, According to Macro Expert Lyn Alden – Here’s What Needs To Happen

Bitcoin May Witness Massive Rally This Year, According to Macro Expert Lyn Alden – Here’s What Needs To Happen

Macro analyst Lyn Alden says that Bitcoin (BTC) could rally higher over the coming months if certain conditions are fulfilled. Asked in a Coin Stories interview whether Bitcoin could revisit its all-time high this year, Alden says that the price of king crypto could surge if the Federal Reserve reverses its current hawkish monetary policy […]

The post Bitcoin May Witness Massive Rally This Year, According to Macro Expert Lyn Alden – Here’s What Needs To Happen appeared first on The Daily Hodl.

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Rich Dad Poor Dad’s Robert Kiyosaki Thinks Bitcoin Could Bottom Out at $9K — Reveals Why He Remains Bullish

Rich Dad Poor Dad’s Robert Kiyosaki Thinks Bitcoin Could Bottom Out at K — Reveals Why He Remains BullishThe famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has explained why he is still bullish about bitcoin. He’s waiting for the cryptocurrency to test a new bottom before getting in, which he indicated could be as low as $9K. Kiyosaki Believes the Price of Bitcoin Could Fall to $9K The […]

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Top Crypto Analyst Says Historically Accurate Metric Signals Bitcoin (BTC) Bottom Could Be Near

Top Crypto Analyst Says Historically Accurate Metric Signals Bitcoin (BTC) Bottom Could Be Near

A widely followed crypto strategist is looking at one crucial metric with a history of accurately calling Bitcoin (BTC) bottoms. Pseudonymous trader Rekt Capital tells his 303,000 Twitter followers that BTC’s Relative Strength Index (RSI) is reaching a level that historically signals a bounce could be on the horizon for the top crypto asset by […]

The post Top Crypto Analyst Says Historically Accurate Metric Signals Bitcoin (BTC) Bottom Could Be Near appeared first on The Daily Hodl.

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Veteran Investor Mark Mobius Expects Bitcoin to Fall Further — Cautions Crypto Traders Against Buying the Dip

Veteran Investor Mark Mobius Expects Bitcoin to Fall Further — Cautions Crypto Traders Against Buying the DipVeteran investor Mark Mobius, the founder of Mobius Capital, has cautioned cryptocurrency traders against using the “buy the dip strategy.” He expects the price of bitcoin to plunge further with some temporary relief happening at $20K. Mark Mobius’ Warning and His Bitcoin Price Prediction The founder of Mobius Capital Partners, Mark Mobius, warned crypto traders […]

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Crypto Analyst Says Bitcoin (BTC) Bottom in Sight After Six Weeks in Red – Here’s His Target Price and Date

Crypto Analyst Says Bitcoin (BTC) Bottom in Sight After Six Weeks in Red – Here’s His Target Price and Date

After six consecutive weeks in the red, a popular crypto strategist says that the end of Bitcoin’s (BTC) correction is finally on the horizon. Pseudonymous crypto analyst Kaleo tells his 486,100 Twitter followers that he doesn’t believe Bitcoin’s downtrend will end at $30,000. “So what happens next? They’re going to get you used to $30,000 […]

The post Crypto Analyst Says Bitcoin (BTC) Bottom in Sight After Six Weeks in Red – Here’s His Target Price and Date appeared first on The Daily Hodl.

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