Crypto Quant Data Hints An Imminent Bitcoin Price Rally, Will It Be Strong? - ADVFN

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Name	Symbol	Market	Market Cap ($)	Algorithm
Terra	LUNAUSD	Crypto	408,206,848	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0059	-0.95%	0.61335	0.6141	0.6146

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.62184	0.58787	0.61925	0.61925	0.320960 - 1.54

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	23:38:54	7.35	0.61335	USD

Price x Volume	Volume	Base Symbol	Related Pairs
54,745.54	90,950.17	LUNA	LUNAEUR	LUNAGBP	LUNABTC

Crypto Quant Data Hints An Imminent Bitcoin Price Rally, Will It Be Strong?

13/10/2022 1:31pm

NEWSBTC

The beginning of 2022 has been rocky for the world’s largest cryptocurrency, Bitcoin. Many experts believe the digital token will eventually hit the $100K price. For them, this is not a case of if but when. Deutsche Bank also reported that some Bitcoin investors see BTC reaching a price of $110,000 in five years. Meanwhile, experts warn new crypto investors, stating they should be cautious about how much they wish to invest. They mentioned this considering the volatility of BTC in recent times. Related Reading: Crypto Market Shows No Signs Of Positive Movement, Is ‘Uptober’ A Myth? The token had displayed a remarkable rise in value over the years. So even though the market is still bearish, investors anticipate a short-term bull run in its price soon. Briefing On Bitcoin Price Movement While the crypto market currently looks unfavorable for investors, BTC is seemingly shaping up for a rebound. It has remained around the $19K price level since dropping from $22,000 in September. Bitcoin has maintained a ranging movement, which many believe is a sign of, at least, a short-term rally. The unfavorable price movement of Bitcoin can be traced to multiple factors coinciding with the current global financial downtime. Another major factor that led to the drop in the crypto market was the crash of Terra. Since mid-June this year, the event has kept BTC hovering around the $20K price mark. Though there were times it went past this price level. Anticipated BTC Rebound While the market remains in the bear zone, the crypto market is showing signs of a rebound. This is evident from the on-chain data of the digital currency market. As per data from Crypto Quant, investors can anticipate a long and robust bullish trend in the market. A report shows that BTC displayed some growth in its daily and weekly volume. This fact usually indicates the build-up of a solid and long bullish trend. On this basis, investors hope for a bullish market in a short while. Though these signs are not new, given that on multiple occasions in March 2022, they were also seen. At the time of writing, the Bitcoin price stands at $18,712 with a price change of 2.31%. Experts cited that a bullish turn in BTC price is still farfetched. Their predictions are based on the historical trend of the crypto market, which typically lasts 24 to 27 months. Related Reading: Bitcoin Boredom Causes Trading Volume To Dive 38% From September Highs Florian Grummes also expressed his thoughts about the current crypto winter. Grummes is the director at Midas Touch Consulting. In his speech, he stated that the crypto crash might last for another year based on the historical pattern. Featured image from Pixabay and chart from TradingView.com

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