Is Bitcoin's Price at its Lowest Yet or Should Traders Be Patient❓❓❓
Bitcoin's price has been rejected twice from the short-term range highs at $58.8k, leading to a fearful market sentiment. However, there are clues that suggest a possible rebound:
- Rising accumulation trend score indicates willingness from buyers
- Average losses of short-term holders are similar to those of June 2023, but less severe than in 2021 and 2022
- Trader realized profit/loss margin is at -17%, similar to market bottoms over the past two years
However, other metrics suggest a potential for further price drops:
- Whales are not over-leveraged, which could lead to a deeper correction below $50k
- Estimated leverage ratio on exchanges increased rapidly in recent weeks, suggesting traders are trying to time the bottom
Overall, it is still uncertain whether Bitcoin has reached its lowest point, and investors should prepare for the possibility of a price drop below $50k.
DYOR / NFA
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