2 months ago 2 min read

With Historic Accumulation and a Flashing Bottom Signal, Bitcoin Soars Toward $17,000

Bitcoin-BTC-Crypto-CryptoNews

For the first time in two weeks, the price of Bitcoin surged beyond $17,000. This occurs as a previous bottom signal flashes once again.

The price of bitcoin has risen sharply to about $17,000, registering gains of 5% for the week and 2.5% for the day. This occurs as a significant historic indicator flashes once more, and it typically precedes appropriate accumulation areas and cyclical bottoms.

• Suddenly rising to a high of $17,162 (on Binance), Bitcoin's price earlier today hit a 15-day high.

• The overall cryptocurrency market was also pushed by this, and over the same time period, its capitalization increased by about $17 billion.

• An expert from CryptoQuant said that the market has reached a crucial position where the supply in profit and the supply in loss connect, which has traditionally happened close to cycle bottoms.

Over nearly 13 years, with four cycles, we have all noticed an area of intersection between supply in loss and profit every time the price is in the bottom zone. Even in the early stages, when Bitcoin was valued at only a few dollars, this are existed. It seems that there is an equilibrium rule that has run for more than a decade.

• According to him, this intersection location only became apparent during the current weak market since "the price sank to the current level."

‌• As a result of the foregoing, we can say:

The existence of this area will be long enough for the market to clam down after the hurt, and the price can go down a few more percent, but this is undoubtedly the best area to accumulate for a fresh start.
It is tough to target the lowest price, but it can be possible to realize where the bottom area is.
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