An important analyst is mapping out some potential bear market bottom targets for Bitcoin. Check out the latest reports below.
A closely followed crypto strategist addressed two potential bottom targets for Bitcoin as the king coin loses nearly 30% of its value in just seven days.
Crypto analyst Rager just said that he’s keeping an eye on the 200-week simple moving average (SMA), which he says has marked the bottom for Bitcoin during the 2015 and 2018 bear markets and the 2019 Covid.
“The simple moving average, this blue one, is really what a lot of people are watching when it comes to buying the dip opportunities. Historically, [the 200-week SMA] has been basically where Bitcoin closed above on the weekly or the higher timeframes…”
He continued and said this:
“There’s a good possibility that we see that the $22,300 where the moving average is at now is a real possibility of a potential bottom.”
At the time of writing, Bitcoin is changing hands for $20,691. It’s also important to note the fact that Rager highlights that the bearish move could be a wick that gets bought up.
“Even if it wicks below it, I think you’re going to see a lot of people, even with a wick, especially bigger players, [will] probably buy into that.”
Binance resumes Bitcoin withdrawals
The crypto market fell in a way that has not been seen since December 2020, and amidst the massive fear and uncertainty, Binance revealed the other day that it is pausing all Bitcoin withdrawals, triggering more panic.
In an official post, the important crypto exchange said that it’s pausing BTC withdrawals due to a set of pending transactions that have gotten stuck and stalled the queue.
“Over-the-counter, FAANG-type investors, if they believe in inflation and they tend to be younger, they want to play Bitcoin. Old curmudgeons that that secretly want the world to fall apart, they don’t own Bitcoin. They own gold.”
