Someone would have been mistaken to think that Bitcoin (BTC/USD) could approach the end of the year at just $20,000. However, as the clock ticks, the reality is increasingly getting confirmed. Notwithstanding that, many analysts expected that Bitcoin would click $100,000 by the end of the year. It wasn’t bad maths, though, considering a height of $68 in November last year. So, what went wrong?

Of course, it has been a tough year for all markets – cryptocurrencies and stocks alike. Issues ranging from economic tightening, recession risks, and the Ukrainian war have been cited. Stocks are trading at significantly depressed levels, while crypto has shown a direct correlation. If it makes sense that stock markets will come back, then it is an absolute genuine expectation of crypto recovery too. The question is, when?

Perhaps, it would be premature to think that recovery will happen soon as risks remain. However, popular analyst Will Clemente says markets are staring at significant bargains on Bitcoin at $20K. Clemente relies on multiple on-chain metrics to argue the case. 

According to the analyst, there is a huge institutional demand for Bitcoin at below $20,000 on Coinbase. The analyst says regulatory compliance has been attractive to institutional holdings on Coinbase. He notes clear bids on Bitcoin from the $18,500 price down to the $11,000 level. The same confluence, he says, is being observed in other venues. 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today Disclaimer

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy BTC with Coinbase today Disclaimer

Source – TradingView

Bitcoin’s daily chart turns heads for technical readers. The price formed multiple bottoms at $19,000, signalling potential bear exhaustion. An RSI reading of 50.33 suggests that buyers and sellers are square at the moment. That was amid the high inflation numbers last week that forced a flash crash in BTC. The cryptocurrency price, however, is showing a limited upside. 

A large accumulation by institutional investors suggests they see value in BTC at the current price. Coupled with multiple bottoms at $19,000, the price could be undervalued. Potentially, Bitcoin could recover from the current level. Further declines could be minimal and long-term holders should find satisfaction in buying the $20K or $19K dip.

The post Is Bitcoin undervalued below $20K? A technical outlook and what top analyst think appeared first on CoinJournal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

173 +