The state of the Bitcoin market is causing concern among investors. In the last 30 days, the price of BTC has dropped by 9.3%, currently standing at $60,385.16. However, recent expert analysis suggests a potential bullish trend in the near future.
Impact of Japan's Market Crash on Cryptos
In a recent X post, crypto analyst known as Moustache compared the Japanese stock market crash to the Bitcoin price crash during the 2020 pandemic. Based on this comparison, he predicts a possible bullish trend in the Bitcoin market, urging investors to stay confident.
Current Bitcoin Market Scenario
Currently, the market remains below its simple moving average ($61,745) and exponential moving average ($60,892). The 24-hour volume of BTC is $143.111M. The highest volume of the month was $432.004M, recorded on August 5, when the price tested the month's lowest point of $53,987. The RSI indicator shows that Bitcoin is in a neutral position with a value around 47.97.
Expert's Conclusion
The information shared by the expert regarding the relationship between the 2020 BTC crash and the 2024 Japan stock crash instills hope in BTC investors for a potential market recovery.
Thus, despite the current weak state of the Bitcoin market, expert analysis and historical parallels provide reasons for investor optimism.
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