A widely respected expert claims that Bitcoin is currently exhibiting a pattern that has historically denoted the bottom for all cryptocurrencies, not just BTC.
Alex Krüger updates his 139,200 Twitter followers that he keeps an eye on the combined traffic for Bitcoin, which includes both spot and perpetual marketplaces across all exchange platforms.
According to the analyst, several Bitcoin traders may have fled a few weeks ago when the total volume of BTC reached a new record-high.
Alex continues by stating that market surrender frequently results in the heaviest trading activity, which then results in precipitous drops. Just two weeks before the volume reached its all-time high, the analyst shows the weekly chart, which displays the total Bitcoin volume toward the majority of BTC exchanges (spot and perpetual across exchanges).
The first currency in the world, according to Krüger, flattened off in the previous two years as its volume reached historic highs.
The volume during the weeks around March 12th, 2020 (2020 bottom), according to the strategist analysis, is the second-largest ever. The third and fourth take place the weeks of May 19 and June 21, respectively, in 2021. (2021 bottom). The fifth occurred the following week in May 2022. (Luna Apocalypse).
The researcher emphasizes that rather than being fixed in US dollars, the accumulated volume of BTC records the total amount of bitcoin that is traded.
According to the analyst, defining size in BTC maintains consistency over time. Consequently, price per unit and market capitalization have no meaning when volume is expressed in (Bitcoin). And according to Alex, that is the whole point.
Not Soon for a Bitcoin Price Surge
Despite the fact that Krüger believes BTC is already beginning to develop a bottom, he also holds the opinion that the leading virtual currency will not rise any time soon.
The analysis by Alex Krüger states that it is a recurring trend that is evident across all assets and asset classes.
Then he requests to inspect it because it might have a very large illustrative size or even some dubious possibilities. The strategist concludes by stating that the trend does not actually suggest that the price will rise after it reaches its lowest point. There aren’t any such opportunities at the moment.
The price of one bitcoin is $19,700 at the time of publication.
