Bitcoin Rebound is about to happen, this chain shows
Bitcoin has a slow “Uptober” compared to how it rose in the same month last year.
According to online crypto data provider Statmuse, the largest cryptocurrency by market capitalization ended October 2021 at an average price of $58,051, reaching a peak of $66,890 on the 21st.St day of the month.
But bitcoin is in a different place right now as for the first 12 days of the month, it averaged $19,516, matching the month’s high on October 6 when it reached $20,408.
At press time, according to tracking to Coingeckothe digital currency is trading at $19,108, down 5.2% in the past week.
As the asset remains in a narrow price fluctuation range, investors, analysts and experts are all waiting to see if a bitcoin rebound is about to happen.
Bitcoin ready for return?
As the cryptocurrency struggles to maintain the $20,000 marker, on-chain data indicates that bitcoin is headed for a strong and short rally soon.
One indicator to watch out for is the crypto’s trading volume. Despite being affected by what is now being referred to as “crypto winter” and bearish market, BTC showed peaks in its daily and weekly averages.
Image: Yahoo Finance
As of this writing, bitcoin’s trading volume is $22.1 billion. According to CryptoQuant, an increase in this indicator may indicate a bull market.
It’s not uncommon for an asset’s trading volume to rise even during bearish momentum, and BTC once again shows the crypto space that not everything about it slows down when the market is painted in the red.
Bitcoin Bullish Market – A Year Away?
After the month of March this year, the virgin crypto has made at least four returns after significant price drops.
CryptoQuant believes that if it can sustain increases in its trading volumes and averages, bitcoin will be in a good position to make another rally, although it will still not compare to what it did in October 2021.
Regarding the bull market for the asset, Midas Touch Consulting CEO Florian Grummes shared an alarming piece of information that could dampen the hopes of investors looking for a more favorable market position.
The official believes that a bullish market for bitcoin is not yet expected for at least a year, as the cycle is not yet finished.
Earlier this year, Grummes said that Bitcoin could be put in a position to test the $6ki price marker at worst given that the crypto market is facing a liquidity crisis.
He predicts a halving for BTC to come in May 2024 and will be immediately followed by a bullish market.
BTC market cap at $364 billion on the daily chart | Featured image from My Basketball Teacher, Source: TradingView.com
