A rise in bitcoin is imminent, according to the analyst who predicted the crypto-currency crash in 2022

Bitcoin has been through a lot since its inception, and investors and traders are feeling the agony of the crypto market crash this year. BTC is currently trading at $19,322 at the time of writing this article.

Coingecko reports a 0.3 percent drop in the token’s value. This month, the crypto expert @woonomic tweeted that bitcoin hadn’t hit bottom yet and wouldn’t be recovering anytime soon.

However, the anonymous crypto expert on Twitter, Capo of Crypto“, suggested that Bitcoin could experience a recovery in the near future.

Bitcoin appears to be doing well

The “Capo of Crypto” recently tweeted that bitcoin is showing positive signs.

“Hello! Market looks good for one last leg up. Higher highs and higher lows on ltf and demand being moved up. We could see 21k this week.”

Possible evidence that the market has bottomed and is about to leap forward is in this tweet. One possible nuance remains, however, and it’s information that traders and BTC investors should have.

Financial markets are currently under pressure from global inflation. Bitcoin is highly correlated to the broader financial market, despite the crypto market’s status as a high-risk financial instrument.

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Thus, bitcoin and the crypto-currency market are vulnerable to general economic conditions.

Is the time really right?

Given what was expressed earlier, investor confidence in the coin could still be low based solely on another tweet from Capo of Crypto“.

Even though a supposedly bullish sentiment is developing, he said that many short bets are still open. According to CryptoQuant, bitcoin market metrics indicate a “deep” market, which could indicate that Capo’s prognosis would be correct.

Seven days ago, BTC exchange reserves decreased by 2.26%. This indicates that individuals are buying BTC sold at a loss.

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The market is recording a decline in sales. This supports the idea that the market has bottomed out, and that BTC has bottomed out in the $19,000 range.

This price is well below the $20,000 psychological support range. However, as the market is currently in a capitulation phase, we can anticipate Bitcoin bouncing off a higher and more robust support level.

Considering that a Bitcoin market rally is imminent, a crypto market rally is also a distinct possibility. In the coming weeks, additional market data could be expected.

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