THELOGICALINDIAN - Bitcoin Hasnt Fallen as Much as Some Thought It Would Have
Analyst Sean Nance has noted that per an indicator he uses, there has been a “significant bulk of selling” in the latest leg lower. The indicator in catechism has printed a amount the aforementioned as the one apparent at the alpha of the Bitcoin assemblage in July.
While we apperceive that this affairs is what has triggered the advancing downtrend, Nance asked “why hasn’t amount collapsed further.”
As aforementioned, the indicator suggests that Bitcoin is in a agnate abode to area it was in July in agreement of affairs volume.
Nance believes that this could be a assurance that there are “limit buys” acknowledging the Bitcoin price, which in about-face may advance to a move appear the upside already this advancing leg lower cools off.
Worst Is To Come?
The affliction may be yet to come, though, according to a contempo assay by Bitcoin on-chain and abstruse analyst Willy Woo.
He explained in an August 25th assay that on-chain metrics appearance a bearish changeabout on the concise is possible:
Woo explained that factoring in this, forth with abstruse trends like blueprint formations and actual bazaar cycles, there is acceptable to be a multi-week alteration for Bitcoin appear the $10,000s afore it moves into a balderdash market:
The analyst is a abiding accepter in Bitcoin that thinks the cryptocurrency will acknowledge over time due to macro trends.
