Image default
Bitcoin

Bitcoin Bounce Suggesting Bear Market Bottom? Top Crypto Analyst Weighs In on BTC After ‘Brilliant’ Price Action

A extensively adopted crypto analyst says he believes Bitcoin (BTC) is in a stable place to carve a bear market backside.

In a brand new video, pseudonymous crypto strategist Rager tells his 206,000 Twitter followers that nothing’s assured in buying and selling Bitcoin however he does acknowledge that BTC seems to be forming a base above $19,000.

“Lots of people are asking if that is the low of the cycle. It may probably be. We don’t know. What we do know is that that is really been a reasonably good place so far as a spot long run to build up Bitcoin… There’s some fairly good price motion right here so far as from the larger hand.

What you noticed occur was Bitcoin had performed round this stage round $19,000. And the explanation that it’s bounced so many occasions is as a result of this was the day by day and weekly shut of the all-time excessive again in 2017. So this is a crucial stage [that] lots of people are watching. We did get the puke from the Three Arrows Capital and the LUNA drama again in June. We noticed the promote stress fairly excessive there however ever since then, we’re not having promote stress like that.”

Rager additionally takes a better take a look at Bitcoin’s price motion on September ninth, saying that BTC’s response that day helps the sentiment that the king crypto might be carving its cycle backside.

“Could that be the bottom? It certainly could. I do like to see that type of price action where it does pull people offside. People tend to be wrong.”

Rager provides that Bitcoin remains to be tightly correlated with the S&P 500 (SPX). He additionally says that Bitcoin will possible not print new cycle lows so long as the SPX is above 3,896 factors.

“If the traditional economy is doing pretty well, if equities is bouncing, there’s no reason to really think that Bitcoin is going to nuke to $12,000 to $13,000 anytime soon.”

At time of writing, Bitcoin is altering palms for $21,341 whereas the S&P 500 closed the week at 4,067.35 factors.

Don’t Miss a Beat – Subscribe to get crypto e mail alerts delivered on to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl usually are not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any loses chances are you’ll incur are your duty. The Daily Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please be aware that The Daily Hodl participates in online marketing.

Featured Image: Shutterstock/Anastelfy

Related posts

Robinhood Announces Integration With Bitcoin (BTC) Lightning Network Amid Rollout of 2,000,000 Crypto Wallets

Crypto Advisor

These Crypto Assets Will Massively Change International Payments: Macro Analyst Lyn Alden

Crypto Advisor

Bitcoin Price Stuck Below Resistance, Why Bears Could Aim More Losses

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 18,722.66 1.14%
ethereum
Ethereum (ETH) $ 1,281.74 0.35%
tether
Tether (USDT) $ 1.01 0.70%
usd-coin
USD Coin (USDC) $ 0.998339 0.19%
bnb
BNB (BNB) $ 270.71 1.13%
binance-usd
Binance USD (BUSD) $ 0.989138 0.78%
cardano
Cardano (ADA) $ 0.452591 0.27%
xrp
XRP (XRP) $ 0.480581 9.18%
polkadot
Polkadot (DOT) $ 6.29 0.99%
solana
Solana (SOL) $ 31.72 0.42%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 0.08%
dogecoin
Dogecoin (DOGE) $ 0.06067 3.21%
staked-ether
Lido Staked Ether (STETH) $ 1,276.97 0.84%
matic-network
Polygon (MATIC) $ 0.73201 0.65%
tron
TRON (TRX) $ 0.059723 0.00%
dai
Dai (DAI) $ 1.01 0.72%
avalanche-2
Avalanche (AVAX) $ 17.31 0.50%
ethereum-classic
Ethereum Classic (ETC) $ 27.62 2.44%
leo-token
LEO Token (LEO) $ 4.09 13.85%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 18,717.91 1.27%
uniswap
Uniswap (UNI) $ 5.82 2.74%
litecoin
Litecoin (LTC) $ 52.11 0.85%
cosmos
Cosmos Hub (ATOM) $ 13.77 2.58%
okb
OKB (OKB) $ 14.71 0.52%
ftx-token
FTX (FTT) $ 23.12 0.14%
terra-luna
Terra Luna Classic (LUNC) $ 0.000246 10.92%
near
NEAR Protocol (NEAR) $ 3.67 3.05%
chainlink
Chainlink (LINK) $ 7.08 1.98%
crypto-com-chain
Cronos (CRO) $ 0.117296 11.24%
monero
Monero (XMR) $ 138.87 1.08%
stellar
Stellar (XLM) $ 0.120626 1.32%
bitcoin-cash
Bitcoin Cash (BCH) $ 114.16 0.73%
algorand
Algorand (ALGO) $ 0.367802 0.77%
flow
Flow (FLOW) $ 1.66 0.86%
vechain
VeChain (VET) $ 0.022576 0.08%
eos
EOS (EOS) $ 1.19 2.20%
internet-computer
Internet Computer (ICP) $ 6.00 0.28%
filecoin
Filecoin (FIL) $ 5.39 0.15%
chain-2
Chain (XCN) $ 0.075155 11.84%
frax
Frax (FRAX) $ 0.9969 0.37%
hedera-hashgraph
Hedera (HBAR) $ 0.060057 1.43%
decentraland
Decentraland (MANA) $ 0.698214 1.14%
apecoin
ApeCoin (APE) $ 5.51 5.34%
the-sandbox
The Sandbox (SAND) $ 0.86027 0.19%
tezos
Tezos (XTZ) $ 1.45 2.25%
quant-network
Quant (QNT) $ 104.97 2.52%
axie-infinity
Axie Infinity (AXS) $ 12.59 4.29%
aave
Aave (AAVE) $ 73.94 1.09%
lido-dao
Lido DAO (LDO) $ 1.73 6.19%
elrond-erd-2
Elrond (EGLD) $ 46.97 0.72%
theta-token
Theta Network (THETA) $ 1.11 2.82%
true-usd
TrueUSD (TUSD) $ 0.999596 0.07%
chiliz
Chiliz (CHZ) $ 0.264137 7.94%
bitcoin-sv
Bitcoin SV (BSV) $ 48.90 0.79%
compound-usd-coin
cUSDC (CUSDC) $ 0.022612 0.43%
paxos-standard
Pax Dollar (USDP) $ 0.998281 0.10%
kucoin-shares
KuCoin (KCS) $ 8.81 0.41%
bittorrent
BitTorrent (BTT) $ 0.00000078366697 0.14%
ecash
eCash (XEC) $ 0.000038 1.18%
the-graph
The Graph (GRT) $ 0.099 0.95%
iota
IOTA (MIOTA) $ 0.275809 4.31%
zcash
Zcash (ZEC) $ 55.45 1.46%
huobi-btc
Huobi BTC (HBTC) $ 18,701.19 1.00%
usdd
USDD (USDD) $ 1.00 0.05%
huobi-token
Huobi (HT) $ 4.49 0.45%
evmos
Evmos (EVMOS) $ 2.19 9.32%
havven
Synthetix Network (SNX) $ 2.38 0.33%
cdai
cDAI (CDAI) $ 0.02194 0.63%
maker
Maker (MKR) $ 643.22 2.16%
bitdao
BitDAO (BIT) $ 0.487682 0.69%
klay-token
Klaytn (KLAY) $ 0.204933 0.44%
neutrino
Neutrino USD (USDN) $ 0.955031 0.16%
fantom
Fantom (FTM) $ 0.226849 0.55%
compound-ether
cETH (CETH) $ 25.73 2.17%
neo
NEO (NEO) $ 8.28 0.30%
helium
Helium (HNT) $ 4.46 1.43%
gatechain-token
Gate (GT) $ 4.13 1.39%
defichain
DeFiChain (DFI) $ 0.803022 1.61%
radix
Radix (XRD) $ 0.059914 1.53%
celsius-degree-token
Celsius Network (CEL) $ 1.51 6.10%
pax-gold
PAX Gold (PAXG) $ 1,633.78 1.94%
pancakeswap-token
PancakeSwap (CAKE) $ 4.40 2.48%
thorchain
THORChain (RUNE) $ 1.59 0.81%
osmosis
Osmosis (OSMO) $ 1.21 1.02%
zilliqa
Zilliqa (ZIL) $ 0.032563 0.20%
enjincoin
Enjin Coin (ENJ) $ 0.469173 0.84%
nexo
NEXO (NEXO) $ 0.949026 4.29%
arweave
Arweave (AR) $ 9.86 2.63%