Bitcoin 
$82,845.16 The price continues to linger at levels we are not accustomed to for most of this year. We have seen deeper bottoms in most altcoins. So I thought it would be a good idea to review the latest evaluations about the markets shared by well-known names in the last few hours. So let’s get started.
Bitcoin On-Chain Analysis
We discussed the situation on the Fed side in detail in the previous news. We examined the detailed stance of all 12 Fed members and saw that there is a strong possibility of an interest rate cut. You can review the relevant news for the stance of Fed members. What we will look at now will be the latest evaluations of the well-known Turkish on-chain analyst anlcnc1. Negativity continues on the Coinbase Premium side. As you can see in the chart shared by the analyst, 26 days have passed in the negative zone.
Anıl reminded that this continued until 34 and 46 days in previous examples. So, Coinbase Premium may recover within 1 week and 10 days, but it is difficult to talk about a real bottom return in BTC without seeing an improvement there.
Contrary to popular belief, whales with assets over 10 thousand BTC started to accumulate. Anıl drew attention to this by sharing the graphic above.
“Mega Whale + Exchange(+10K BTC) side continues to remain in net accumulation mode on a 30-day basis. Large wallets are making one of the most aggressive purchases of recent times. The accumulation, which started in the 110–108K band, became noticeably aggressive, especially as the price dropped to the 102–101K and 92K levels.
While some are leaving, others are still there. “Whether they are doing it right or wrong, time will tell.”
As a bonus on the price side, the chart shared by Barış Kardeş is important.
We see that sales accelerated after the 200-day average was broken. Barış was paying attention to this. $110,381 is important for the continuation of the uptrend. Short-term investor costs have also been broken, meaning Barış’s October 23 warning has come true. What did he say?
“The price falls below both the short-termers’ cost (STH RP) and the 200D MA. Then, the price is rejected every time it reaches these levels. The decline deepens. The price bottoms below the long-termers’ cost (LTH RP).”
RSI is at the Bottom, BTC Must Recover
Scott Melker thinks so. The famous investor says that the recovery should start now as the RSI has made a deeper bottom in the daily period than the FTX crash.
“Bear enthusiasm appears to have reached its peak. Bitcoin daily RSI is lower than FTX. Fear and greed are at historic lows. In my comments, people have sold everything.
“Selling volume has peaked today, much higher than the last few days… but the price is bouncing.”
Cryptocurrency Oracle
Despite the price above 120 thousand dollars, Roman Trading said there will be a decline. Even though he assertively said for the last 2 quarters that BTC would not make a bigger peak, BTC achieved this. Maybe he wasn’t expecting it this fast, but Roman Trading was definitely targeting $80,000 when the price was in the six figures. Today he shared his new chart and said this.
“There have been many situations where M2 has increased significantly but $BTC has fallen over 50%. This has been seen especially right after a classic bull run. See the chart I shared.”
In his assessment about the price today, he drew attention to the possibility of a possible recovery.
““BTC“It will reach $76,000 much faster than anyone expected.” (According to me)
It is currently down 35% – it will experience a decent bounce and sideways trend before continuing to fall further. “Usually the initial decline in a bear market is very severe.”
The agenda is dizzying and it is important to stay up to date. about this CryptoAppsy The news section of the application can make your work easier. You can follow what’s going on with both the flow and quick summary section.
