HAS BTC passed the bottom? Bitcoin Forecast from the Crypto Community

Can Bitcoin Return to The Fall

The interlocutors of BeInCrypto believe that the cyclical minimum of bitcoin can be fixed near the level of $ 10 thousand As of the time of writing, the minimum mark to which BTC fell within the cycle is fixed at $ 17,708.

The cryptocurrency went up despite the news that the trustee of the crypto exchange Mt.Gox, which went bankrupt in 2014, began preparations to reimburse creditors. Members of the crypto community suggest that many of the victims of the trading platform who received coins will rush to get rid of digital assets. In this case, the market may face a wave of sales, which will negatively affect the bitcoin rate.

At the time of approval of the plan, there were 137,891 BTC in the crypto wallet of the trading platform (over $ 3 billion, at the current rate). For comparison, under the control of the largest investor of bitcoin – the company MicroStrategy is 129,699 coins.

However, a survey by an analyst of PlanB showed that the sale of the Mt.Gox cryptocurrency, according to members of the crypto community, is not the biggest problem on the path of BTC in 2022. The majority of respondents believe that the behavior of bitcoin is significantly influenced by factors such as the behavior of the securities market and the level of interest rates.

PlanB Survey Results

In July 2022, traders expect the Fed to raise the interest rate by 100 b.p. The regulator may take such a step against the background of accelerating inflation in the country. The fed’s next meeting is scheduled for July 26-27.

Earlier, experts shared with the editors of BeInCrypto their views on how the crypto market reacts to the decisions of the American regulator. According to some of our interlocutors, an increase in the Fed’s interest rate can provoke a drop in prices in the digital asset market.

Bitcoin is also under pressure from miners. Market analysis shows that the BTC-mining members of the crypto community continue to capitulate.

Behavior of miners

The process of capitulation of miners began after bitcoin lost the level of $ 30 thousand.

Forecast for bitcoin from members of the crypto community

Many members of the crypto community believe that bitcoin has already passed the bottom, and that only growth awaits the cryptocurrency ahead. For example, the YouTuber, the leading channel under the nickname Crypto Rover, fixed the “triple bottom” figure on the coin chart. Its formation, from the point of view of technical analysis, may indicate a trend reversal. With regard to bitcoin, the appearance of the “triple bottom” can be considered the completion of the fall and the release of the coin into growth.

Bitcoin chart from Crypto Rover

Crypto Rover also drew attention to the fact that the mood of bitcoin investors for a record number of days is at the level of “extreme fear”. Such periods, according to his observation, precede the release of the coin into growth.

Bitcoin Investor Sentiment Chart

Another bitcoin forecast was presented by a member of the crypto community under the nickname Stockmoney Lizards. He tried to project a possible trajectory of BTC using analysis of the coin’s movement in past cycles. According to Stockmoney Lizards, bitcoin is passing the bottom, and is preparing for a new phase of growth.

Bitcoin Chart from Stockmoney Lizards

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