Global Crypto Market

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  • 24h Vol: $109,826,563,616.99
  • BTC Dominance: 39.82%

Crypto Bear Market Bottom Might Be Close, Eccentric Indicator Says – U.Today




An anonymous technical analyst who goes by @TechDev_52 on Twitter studied the correlation between the activity of searching for “bear market” online and Bitcoin (BTC) price dynamics.
The analyst has taken to Twitter to share the correlation of Bitcoin (BTC) price dynamics (one-week timeframe, logarithmic scale) and the interest in the “bear market” search combination.
“Bear Market” search interest. pic.twitter.com/bq7DAPKEQz
Since mid-2017, the Bitcoin (BTC) price has gone through three market cycles; each of them lasted for 67 weeks, or 469 days. Historically, Bitcoin (BTC) has started its rallies after the “bear market” search reached peak values.
This took place in December 2018. In March 2020, Bitcoin (BTC) bottomed earlier than expected under the pressure of world recession fears.
The last peak of interest in “bear market” was registered in late May 2022. The 469-day cycle will end in mid-June. As such, the much-anticipated bottom may either be in or close.
Yesterday, Bitcoin (BTC), the flagship cryptocurrency, jumped to $31,700, which is the highest level since June 1, 2022. It managed to push Bitcoin’s Fear and Greed Index to 17/100, which is the highest point in the last 30 days.
However, the index is still in the “Extreme Fear” zone.
By press time, Bitcoin (BTC) is changing hands at $30,500 on major spot trading platforms.

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.
Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.

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