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Bitcoin‘s price movement continues to engage the market. The events of the past 1.5 weeks have created a negative sentiment among cryptocurrency investors, with the price dropping from $70,000 to below $60,000, marking the latest shockwave. Let’s see what prominent figures in the cryptocurrency world are saying during these developments.
Analyst’s Bitcoin Comments
One of the leading figures in the cryptocurrency world highlighted a Bitcoin (BTC) indicator following Monday’s drop below the $60,000 level. The analyst, known as TechDev, shared his views on the social media platform X.
He noted that a market indicator suggests Bitcoin is likely to make a parabolic move soon.
There is only one other time in Bitcoin’s history when the two-week Gauss channel turned green. The price consolidating at the previous high indicated a parabolic move that few saw coming.
The Gauss channel, used to determine price peaks and troughs and reflect momentum, showed a two-week chart similar to Bitcoin’s notable price rise in 2017.
TechDev continued his analysis, examining the Chaikin Money Flow (CMF), which measures cash flow in and out of the market, and highlighted key points.
Commenting on the CMF indicator, the analyst noted that Bitcoin has remained above the rising trend line for the fourth time in his four-week chart analysis.
TechDev pointed out similar situations, referencing the end of 2016, early 2013, and 2011, sharing a chart that highlighted a similar pattern (below).
The first four-week parabolic money flow signal in Bitcoin since 2017… The idea of ‘cycle extension’ has been abandoned by some due to arbitrary cycle definitions. However, it was never abandoned by others. But none of this really matters. BTC has been in an uptrend since its inception, and the same signal that started the other three explosive moves is reigniting.
How Much is 1 Bitcoin?
After a 4.34% rise in the last 24 hours, Bitcoin’s price has risen to $62,000. Yesterday, BTC price dropped to $58,500 but then experienced a clear recovery.
BTC’s market cap rose above $1.2 trillion again, while the 24-hour trading volume fell to $32.8 billion after a 17.8% drop.
