Bitcoin price is ready for major bounce and a final move up in this bull cycle near the end of the year
The bullish momentum is improving, which could keep crypto buyers active into the weekend. In which, Bitcoin price not only kept the support level at $32,000 but also broke through the $33,000. Currently, BTC is trading at $33,658, up 3% on the day and 8% over the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price holds above $ 33.000 as the market improves
As AZCoin News reported, the experts still remain bullish on Bitcoin despite price down more than 50% from its all-time high. Pseudonymous cryptocurrency analyst Crypto Birb believes BTC is ready for major bounce and a final move up in this bull cycle near the end of the year.
Source: Crypto Birb/Twitter
“Aligns perfectly with a complete reset on trend and momentum for $BTC. The Net Unrealized Profit/Loss (NUPL) suggests it’s as oversold as in September 2019 or September 2020 when it was trading at $6,000 – $9,000. We’re lucky if we get 23-24k but the market is ready for major bounce and final leg up in November-December,” he tweeted.
Over-the-counter outflows signaling a BTC buy signal, which implies the downward movements bitcoin has been seeing may be over. Birb added that the market may still drop to $23,000 or $24,000 before recovering, and predicted a final move up in the current bull market may occur only by the end of the year in November or December.
It’s worth noting that, according to Glassnode, on-chain has shown Bitcoin reserves on centralized cryptocurrency trading platforms have been steadily dropping even as the market ticks downward. An average of 36,000 BTC has been leaving exchanges every month.
Recently, analysts at CryptoQuant said that:
“BTC Taker Buy/Sell Ratio has entered the buy zone. The 90-day exponential moving average of the ratio of market buyers to sellers, of perpetual swaps, across all exchanges. Since 2019, a touch of the green box historically signals a big bullish move is right around the corner. The last touch was in October 2020, just above $10,000.”
Meanwhile, the Bitcoin Fear and Greed Index is currently still in fear territory, however, registering a 22 – extreme fear. And as Warren Buffett once said, “Be angry when others are greedy and greedy when others are fearful”. This shows that, with the current market situation, there is still much room to be “greedy”.
Crypto Fear & Greed Index as of July 23 | Source: Alternative.me
In addition to Bitcoin, there are many altcoins that also stand out on the day. Including the Coin98 (C98) project. It is the most recent example of this phenomenon after the Binance Smart Chain-based decentralized finance (DeFi) solution rallied 1,200% from its ICO price at $0.075 to $0.928 on its first day being listed on exchanges.
At the moment, C98 is trading at $0.8, still recording a gain of more than 900% on the day.
C98/USDT 4-hour chart | Source: Binance
Bitcoin’s rally to $33,000 led to a prolonged boost in several altcoins as Ampleforth (AMPL), Amp (AMP), and Axie Infinity (AXS) as the top movers over the past 24 hours.
AXS has doubled in price recently days. It was trading at a new all-time high price of $45,28, implying a year-to-date gain of over 5,800%. Meanwhile, Ampleforth (AMPL) was added to the AAVE DeFi ecosystem. This good news has helped it gain 35% in the past 24 hours, trading at a high of $1.51.
…and FINALLY! AMPL will be first rebase asset listed on @AaveAave lending/borrowing platform.
And congratulations to AAVE + Ampleforth community for making history🥳 pic.twitter.com/9MkF66QSTI
— Richy Qiao (@richy_qiao) July 23, 2021
And last but not least is AMP with a 10% gain on the day, currently trading at $0.05071. The crypto market cap currently stands at $1.376 trillion. While Bitcoin Dominance accounted for 45.9%.
- Is Bitcoin Price Bottomed At $29,500 And This Rally Sustainable Enough To Move Towards The $33,000 Region?
- Experts Remain Bullish On Bitcoin And Ethereum Despite Price Down More Than 50% From ATH