A CryptoQuant analyst, using a pseudonym, suggests that Bitcoin’s bear market is nearing its end.
According to a CryptoQuant analyst, as the selling pressure that began with Bitcoin’s recent all-time high weakens, dips are becoming shorter and recoveries are becoming larger.
According to the analyst, the drop in early July was only slightly below the lows seen in early February, and $BTC has remained relatively stable around $60,000 ever since.
This situation indicates a decrease in seller power in the market and that selling pressure has lost its former strength.
The analyst also noted that the technical data is positive, arguing that the MACD and RSI indicators show bullish signals, positive divergences, and oversold levels, all of which collectively point to a bottom formation for $BTC.
However, the analyst does not rule out the possibility of a final sell-off in the short term. He notes that a final sell-off is still possible and that the ultimate bottom could be around $51,336 (61.8% Fibonacci level).
He added that the area around $50,000 is a significant historical support zone, coinciding with investors’ average cost floor and the 200-week moving average, creating conditions similar to past bear market lows.
*This is not investment advice.