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Share link:In this post: Social media volumes hint at a maximum interest in the “Bitcoin bottom.” Google and YouTube searches also show peak interest in timing the market. BTC is still in the buy zone, but the slide may be over, with evidence from whales buying again. An altcoin market may be in the making after a period of consolidation.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. W
Crypto market participants had to watch another rapid slide as Bitcoin (BTC) dipped to the $58,000 range. Altcoins and tokens had even deeper corrections, which caused traders to seek signs that the market would stop bleeding or that a market bottom was not imminent.
The slide of all crypto assets caused traders to ask whether there are signs of the market finally reaching a local minimum. Social media volumes for “bottom” reached an all-time high, after an active year of volatile trades.
Occasionally, social media traffic for the “market bottom” narrative did not lead to a price breakout. More often, after social media showed more activity for the term, market prices rallied again in the short term.
The current find extends the latest reports from Santiment. The market cooled down, with crowd moods seeing BTC as bearish. At the same time, whale buying quietly resumed on Bitfinex and from other sources.
Read: Stablecoin supply growth slows to under 1.5% in June
In 2024, the Bitcoin (BTC) narrative dominated the market, and looking for the BTC bottom was key. Altcoins and tokens still depend on overall BTC stability, in addition to stable performance from Ethereum (ETH).
This time, social media activity coincided with signs that the tide may be turning for BTC, with renewed buying from ETF investors and well-known crypto whales. The renewed buying followed a turbulent period, which liquidated multiple long positions on the downside. Additionally, the market had to absorb selling from miners, older big holders, and possibly from ETF holdings.
Concerns about a market bottom at this price range also underscore fears that the bull run may be ending. After a 490-day bear market, crypto projects aim for a longer bullish period and wait for signs that can stop the price slide.
BTC prices are still in the “buy” zone based on the Rainbow Chart prediction model , which has so far proven valid. However, the model does not guarantee an immediate bounce or a breakout. In the past year, BTC managed to score a new price record, without even touching the “bubble” zone on the Rainbow Chart, sparking hopes of an even higher price record.
Google Trends searches on the market bottom picked up in June
Searches for “Bitcoin bottom” also accelerated in June. Queries revived after BTC started dipping closer to $60,000. The trend for “BTC bottom” looks similar.
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