The Bitcoin market is currently experiencing a weak situation. In the last 30 days alone, I have seen a drop of 9.3%. Currently, the price of BTC is $60,385.16 – much lower than the peak reached in mid-March. How long should Bitcoin investors wait to see a strong bullish trend emerge? The latest revelation from a crypto expert indicates that the Bitcoin market will not have to wait long to see such a trend. What is the logic behind the said revelation? Let’s take a look!
The Impact of Japan’s Recent Stock Market Crash on Cryptocurrencies
In a post by X, a crypto analyst identified as Moustache compared the recent Japanese stock market crash to the Bitcoin price crash of 2020 (during the pandemic). He clearly drew similarities between the two. Using phrases from a comparative analysis he conducted using these two market crash situations, he predicted a possible bull run in the Bitcoin market. He urged Bitcoin investors to remain confident in the future of Bitcoin.
BTC’s 24-hour volume is only $143,111M. The highest volume of the month was $432,004M, which was reached on August 5, when the price tested the lowest point of the month at $53,987. The RSI indicator shows that Bitcoin is currently in the middle of the range – neither overbought nor oversold.
Its RSI value is around 47.97, just a few pips below the 50 mark.
In conclusion, the information shared by the expert about the connection between the BTC crash in 2020 and the crash of Japanese stocks in 2024 has definitely instilled a strong sense of hope in the minds of BTC investors.
