The cause of Bitcoin's current rebound is the attitude of investors who are starting to enter the market, taking advantage of the low trading volume of the crypto market on weekends to buy the dip.
Bitcoin still has the potential to move bearish even though it is starting to show signs of a rebound. The world's largest crypto asset has the potential to touch the US$15,000 price level
Launching CoinMarketCap data, bitcoin managed rebound to the position of US$20.004 as of Monday (20/6/2022) afternoon. In the last 24 hours, bitcoin is up 8.88 percent.
Tokocrypto trader Afid Sugiono said the crypto market experienced a slight pullback earlier this week after being battered during last weekend's trading.
According to him, the cause of the current rebound is the attitude of investors who are starting to enter the market, taking advantage of the low trading volume of the crypto market on weekends to buy the dip.
He continued, investors hope that bitcoin and other altcoins do not fall any further, so they also carry out a buy the dip strategy to get better returns to cover losses.
“Investors now seem willing to buy crypto assets at low prices, although it is not yet considered a bottom point. Investors must decide to buy now or wait for it to reach the bottom, which is not known for sure when it will occur," said Afid quoted from the official Tokocrypto website, Monday (20/6/2022).
However, Afid said the current movement of Bitcoin still tends to be depressed. He sees the current target of Bitcoin towards the support level at US $ 15,500.
“The target for Bitcoin's movement will now be towards a decline of up to US$19,000-US$15,500 in the near future. The bearish outlook also seems to continue to find a real bottom,” said Afid.
Reflecting on the Bitcoin cycle, in the bear market of 2015, Bitcoin took 426 days to finally bottom out. Then, looking at the cycle in 2017, it took 365 days to bottom out in 2018.
Meanwhile, from a peak in June 2019 at US$13,900, BTC then experienced a decline of 274 days before reaching a bottom.
With the current assumption, if November 2021 is the peak cycle of the bottom point in between 274 days or 365 days, then the calculation will occur in September 2022 or November 2022.
He said investors remained worried about high inflation, as well as the economic fallout from Russia's invasion of Ukraine and the possible escalation of a global recession.
"Technical analysis is not very useful at the moment, fundamentals or macroeconomics can determine the direction of Bitcoin," he concluded.
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