After dropping below $19,000 last week, Bitcoin has shown significant gains in the previous seven days, rising by more than 10%. The community was thrilled by its most recent increase as analysts and investors anticipated a further increase in BTC’s price in the days ahead.
Many indicators, in addition to the Bitcoin chart, supported BTC. After a brief price drop, this encouraged investors to expect better times in the future.
Leading cryptocurrency expert Benjamin Cowen carefully examined the Bitcoin price chart and found that BTC has reached its cycle bottom.
In a recent interview, Cowen highlighted a crucial statistic, the supply of Bitcoin in the profit and loss chart.
“Some of the charts that I think are the most interesting are things like the supply in profit and loss. One of the interesting things about this chart is that historically, Bitcoin does not bottom until after they cross. Until after they cross.”
Technical indicators support the bullish outlook
The supply in profit and the supply in loss crossed for the first time in the current Bitcoin cycle. This suggests that Bitcoin’s bottom has been reached.
There is evidence that the present price level is a significant bottom for Bitcoin because the bottom of the cryptocurrency usually happens after the cross.
Market Mastery Divergence was another important indicator found by analysts. A buying opportunity for traders is revealed when the indicator’s line becomes red.
As a result, El Crypto Prof, a pseudonymous cryptocurrency analyst, believes that traders should buy now.
While Bitcoin is currently trading at a price that is quite close to its low at $21,641, there remains a chance for investors to buy the commodity in order to profit in the long run.
Therefore, this is probably the bottom for Bitcoin in the current cycle that traders have been looking for. The Bitcoin bottom is crucial for traders since doing so guarantees a profitable yield for the remainder of the cycle.