The Bitcoin market is currently going through a weak situation. In the last 30-days alone, I have seen a dip of 9.3%. At present, the price of BTC stands at $60,385.16 – far lower than the peak it attained in mid-March. How long do Bitcoin investors need to wait to see the emergence of a strong bullish trend? A latest revelation by a crypto expert indicates the Bitcoin market does not have to wait for long to see such a trend. What’s the rationale behind the said revelation? Let’s see!
Impact of Japan’s Recent Stock Market Crash on Cryptos
In a X post, a crypto analyst, identified as Moustache, has compared the latest stock market crash in Japan with the Bitcoin price crash in 2020 (during the pandemic). He has drawn the similarities between these two clearly. Taking infraces from the comparative analysis he has done using these two market crash situations, he has predicted the possible emergence of a bullish trend in the Bitcoin market. He has appealed to Bitcoin investors to remain confident about the future of Bitcoin.
Bitcoin Market Scenario: A General Analysis
Currently, the market remains lower than its simple moving average of $61,745 and its exponential moving average of $60,892.
The 24-hour volume of BTC is just $143.111M. The highest volume of the month was $432.004M, which was reached on 5th August, when the price tested the month’s lowest point of $53,987. The RSI indicator shows that Bitcoin is currently in a middle possible – neither overbought nor oversold.
Its RSI value is around 47.97 – just a few points below the 50 mark.
In conclusion, the details shared by the expert about the relation between the 2020 BTC crash and the 2024 Japan stock crash has definitely created a strong feeling of hope in the minds of BTC investors.
Also Check Out: Top Altcoins to Buy During Bitcoin’s Temporary Slide
