Analysis: Indicators Show Bitcoin Has Reached a Deep Area for Forming a Cyclical Bottom
On June 22, analyst Gaah cited CryptoQuant data indicating that Bitcoin's cyclical momentum indicators show the current bear market has not yet ended. The indicator has not risen above the neutral zone (0), thus the bear market continues. The indicator has reached the -30 point range, which historically is a deep area for forming cyclical bottoms. Historically, this range (-30) has constituted a major support level for BTC. However, to confirm a trend reversal, the price must form a bullish pattern while the indicator breaks through the neutral zone.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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