Top 5 cryptocurrencies to watch this week: BTC, SHIB, MATIC, ATOM, APE
Cointelegraph
Published Jul 03, 2022 04:15PM ET
Updated Jul 03, 2022 06:00PM ET
The bears are attempting to sink Bitcoin (BTC) below $19,000 to further cement their advantage over the crypto market. Analysts watching Bitcoin’s MVRV-Z Score, a metric which measures how high or low Bitcoin’s price is relative to “fair value,” expect an even deeper fall before the bottom is finally reached.
However, economist, trader and entrepreneur Alex Krueger pointed out that Bitcoin’s volume hit an all-time high in June. Usually, the highest volume in a downtrend is indicative of capitulation and that “creates major bottoms.” If Bitcoin follows the historical pattern of the 2018 bear market, Krueger expects the bottom to form in July.
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Written By: Cointelegraph
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