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

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.