When Will the Bitcoin, SHIB and Altcoin Bear Market End?

Bitcoin: On its third day, all major cryptocurrencies expanded their gains, including Bitcoin, Ethereum and Solana. Despite holding just over $21,000 in the last 24 hours, Bitcoin is pretty stable and calm.

Altcoins outperformed Bitcoin (BTC)

Bitcoin has been overshadowed by altcoins like Ethereum (ETH), Shiba Inu (SHIB), Avalanche (AVAX), and Solana (SOL). All of these altcoin projects posted significant daily gains.

AmkNews.comAs you follow, the Fed announced a 75 basis point rate hike. After that, Bitcoin (BTC) retreated from its peak of $ 21,500 for a week. On Saturday, June 25, the crypto market cap reached $954.13 billion, up 2.67 percent the previous day.

Are the chances of promotion below average?

A prominent cryptocurrency trader and analyst shared his Bitcoin predictions. The analyst explained what must happen for Bitcoin to rise. Popular analyst Rekt Capital predicts that Bitcoin will likely fall until the buy-side volume starts to increase.

Rekt Capital also compares the buying volume for BTC this week with the buying volumes of past bear market lows that occurred near the 200-week moving average. And as a result, he points out that this week’s volume is insignificant. The analyst says:

Compared to the buyer volume in the previous Bear Market Lows formed around the 200-week moving average, BTC buy-side tracking from last week’s high sell volume is still quite low as the week ends.

Then Rekt Capital issues a warning to investors that Fear of Missing Out (FOMO) BTC investments should usually be saved for bad days, especially if BTC is around $20,000.

bitcoin

“Bitcoin will hit bottom when no one expects it”

Additionally, he predicts that Bitcoin will likely hit bottom when investors least expect it. In this context, he makes the following assessment:

The BTC bottom won’t just happen when you least expect it. It will also appear at a time when you spend less time/thought on crypto in general. Consolidation causes boredom. Also, downtrends provoke the ostrich effect. Both are walking away from opportunity.

At the time of writing, Bitcoin was trading at $21,174, down 0.74% on a daily basis, according to CoinMarketCap. On the other hand, the leading crypto is up about 18% on a weekly basis. Bitcoin reached an all-time high of $69,000 about 7 months ago. However, currently, BTC is standing 70% off its peak.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.