Bitcoin has been through many tribulations since its birth, and investors and retailers are feeling the torment of the crypto market meltdown this year. BTC is now trading at $19,322.
Coingecko reports a 0.3% decrease in value for the token. This month, crypto expert @woonomic tweeted that Bitcoin (BTC) has not yet touched bottom and would not soon rally.
However, Twitter’s anonymous crypto expert Capo has suggested that Bitcoin may have a recovery shortly.
Bitcoin is Looking Good to go
“Capo of Crypto” tweeted that Bitcoin is showing positive signs.
“Good morning! Market looking good for a last leg up. Higher highs and higher lows on ltf and demand being moved up. We could see 21k this week.”
Possible proof that the market has bottomed and is about to surge forward can be found in this tweet. However, one possible nuance remains information that BTC traders and investors should have.
Market looking good for a last leg up. Higher highs and higher lows on ltf and demand being moved up.
We could see 21k this week.
— il Capo Of Crypto (@CryptoCapo_) October 24, 2022
Financial markets are currently under stress from global inflation. Bitcoin is highly correlated to the broader financial market despite the crypto market’s status as a high-risk financial tool.
In this way, Bitcoin and the cryptocurrency market are helpless to general economic conditions.
Is It Indeed Time?
Considering what has been expressed previously, investor confidence in the coin might still be pessimistic based only on another tweet from Capo.
Even though a bullish sentiment is building, he stated that many short bets are still being extended.
Bitcoin Fear and Greed Index is 23 — Extreme Fear
Current price: $19,607 pic.twitter.com/aRcW2nyQoH
— Bitcoin Fear and Greed Index (@BitcoinFear) October 23, 2022
According to CryptoQuant, Bitcoin market measures indicate a market bottom, which could suggest that Capo’s prognosis was correct after all.
Seven days ago, BTC exchange reserves decreased by 2.26 percent. This indicates that individuals are purchasing BTC sold at a loss.