is at an all-time high. The world’s largest cryptocurrency trades pretty much like a Nasdaq-listed big tech stock, and so analyzing bitcoin’s price action needs to take into account macro conditions underpinning the real-world economy.
Considering that much of bitcoin’s price action is tightly related to macro conditions, it’s more sensible to watch out for a macro bottom.“I do not think we can be convinced of a macro bottom until the Federal Reserve slows down their rate hikes,” Sotiriou said. If the Federal Reserve makes a U-turn on its stance, however, the market will gain confidence. “The point at which we see this happen may be when bitcoin has made a significant move off of the lows,” he said.
Cryptocurrency markets are often volatile with extreme price moves. But sometimes they become dull and trade sideways: You wake up, check the price, and it’s only a 0.1% change. Olszewicz said that bitcoin price bottoms have historically followed “extended periods of low volatility and unexciting price movements.”
“Many traders try to time exact bottoms or exact tops, and often fail at doing so,” pseudonymous tradertold CoinDesk. “Rather, they should look for periods of overvaluation and undervaluation and trade accordingly.”
yup. looks like ETH might flip BTC this year