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The argument of whether has Bitcoin hit the bottom seems to be gaining support across various levels of the market. This is because the price seems to start resisting downward movement. However, is it too early to make such a conclusion?
The recent price action charts show a coin that is highly resisting downward movement. A key indicator is that buyers are waiting at this level to get in the market. In the 1-month charts, the lowest it has gotten is 18,298 dollars. Currently, it is trading at $20,640.
Any attempt to get below the $20,000 mark seems to receive an immediate market reaction to the upside. These are early indicators the market could be getting into the consolidation period. Such a consolidation in the market could indicate the seller’s power is diminishing.
Despite the above price movements, it is good to note the coin is still trading lower from its all-time high of $67,000 in November 2021. This drop has also seen its market valuation drop below the $1 trillion mark.
What is the Future Of Bitcoin
Despite the current market fall, Bitcoin remains the market leader in valuation and popularity. The fall in the cryptocurrency market is not uncommon as it has happened before with the coin losing up to 80% of its value.
However, in all these falls, it always comes back better and stronger. Hence, any analyst would be naïve to predict the fall of Bitcoin at this point.
Bitcoin coin supply
Perhaps this is one of the major Bitcoin strengths. With a hard cap of 21 million coins, it will inevitably gain more value in the future if demand grows. It is good to note that current global cryptocurrency adoption is still very low with less than 10% of people investing in them.
Currently, less than 2 million coins remain to mine. This means we are almost nearing the end of generating more supply.
In the long term, there is a likelihood that global demand for the coin will likely the coins value higher. Probably more than the current standing All-time high. Hence, there is a high likelihood its a yes if you as whether has bitcoin hit the bottom.