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Is This The Worst BTC Bottom In The Current Market Cycle?

04-Sep-2022 By: Shailja Joshi
Is This The Worst BT

The Ethereum Merge is anticipated by the cryptocurrency industry, but it seems like Bitcoin is having trouble gaining traction. 

There is a good likelihood that the switch to proof of stake will have a general impact on all cryptocurrencies. Even if there are positive spillover effects from the event, Bitcoin (BTC) may only experience brief fluctuations. BTC oscillated back and forth around the $20,000 level over the last few days, casting doubt on the possibility of a short-term Bitcoin bottom.

What Might The Following Bitcoin Bottom Be?

The creation of the potential next market bottom may be examined when several price models were examined. A probable bottom is indicated by the delta pricing model to be slightly below $15,000. Given the current price action, this may be the most likely or closest thing to the true bottom. According to CoinGabbar, the model's price estimate indicates a probable bottom around about $14,478.

It is uncertain whether Bitcoin will fall further lower in the foreseeable future. A number of unfavourable macroeconomic circumstances in recent years have caused the cryptocurrency to experience external turbulence never before seen.

BTC is currently worth $19,750, down 0.91% over the previous 24 hours, according to price monitoring service C. In contrast to the most recent high of $24,887 attained in mid-August, this is a CoinGabbar low.

BTC Dominance On The Declining Curve

Bitcoin's market capitalization share as a percentage of all other crypto assets is on the decline. Only 39.59% of the market is currently occupied by Bitcoin, with Ethereum coming in second at about 19%. Bitcoin's market share today is less than half of what it was in January 2022, when it was just under 72%. When compared to the share in recent months, the current levels are noticeably lower. BTC continued to hold a 47.49% market share in June 2022.

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