Bitcoin signaled a reversal. Analyst predicted a bear market end
Kevin Svenson noted that in previous years, the growth of the volume of BTC sales on the Coinbase crypto exchange indicated a change in trend
17.05.2022 - 11:55
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What’s new? Bitcoin has begun to show signs signaling the end of a bear market, crypto analyst Kevin Svenson reported in his YouTube video. He suggests that the growth of the weekly volume of BTC sales on the Coinbase exchange may mean a trend reversal for the first cryptocurrency.
Svenson’s YouTube channel video
What pattern did the analyst notice? According to Svenson, a trend reversal in the crypto market is accompanied by a surge in the volume of bitcoin sales on Coinbase. He noted that this was happening both at the peak of the 2017 bull period and in 2018 when the BTC price hit a low of $3000.
A similar trend continued in the following years. However, the analyst clarified that bitcoin is highly correlated with the stock market in 2022. According to him, if the S&P 500 index begins to decline, the first cryptocurrency’s rate may fall to $22 000. As of May 17, 2022, bitcoin is trading at $30 418, according to Binance.
What happened before? Analyst and trader Justin Bennett also reported that the bitcoin price reached the bottom after the asset managed to recover a key support level. According to Bennett, the cryptocurrency’s rate rise will “run beyond most expectations.”
Bloomberg Intelligence senior analyst Mike McGlone stated that only bitcoin and Ethereum would benefit in the long run from the US Federal Reserve System’s (Fed) policy tightening. According to him, the regulator’s interest rate hike would hurt stock markets more than major cryptocurrencies.
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