Since April 2022, the crypto market has been overwhelmed by bearish pressure. However, the market has turned green since the start of July as bulls have taken a slight hold on major cryptocurrencies.
The price of the world’s leading cryptocurrency, Bitcoin, and leading altcoin, Ethereum, gained 7.4% and 15.2% respectively this month.
Meanwhile, one of the popular analysts, Wolf, believes that Bitcoin is poised to signal a conclusive indication of this month’s macro low. In a Twitter thread, the analyst focused on the key moving average, proving that Bitcoin price movement is not going lower now.
Amid many predictions that the price of Bitcoin will reach all-time highs, a historical trend is positive and suggests that the BTC/USD pair has reached its all-time low and is not going any further.
What does Bitcoin (BTC) have in store for us?
Wolf, takes a 3-day chart as a basis for analysis and states that if a 100-day moving average (MA) crosses above that of a 200-day moving average, it will be a price floor signal or a buy signal . He expects this to happen in mid-July or by July 15, confirming that the bottom has happened.
On the contrary, if Bitcoin fails to break above this level, $17,600 will be the lowest ever for the Bitcoin price.
Meanwhile, on July 13, market participants will be more focused as this is the day the United States will release the Consumer Price Index (CPI) information.
Also, another analyst, Keith Alan, claims that if there is a reversal through resistance/support (R/S), the 50-month MA will be formed, and a 200-week MA will follow. During the previous bear market, this price movement was a key focus.