While the crypto market currently looks unfavorable for investors, BTC seems to be 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.
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 explained 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.
News reference Newsbit
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