3 Reasons Bitcoin Traders Should Be Bullish on BTC

The market bottom cannot be timed, but several technical and on-chain indicators suggest it's time to start accumulating Bitcoin .

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Bitcoin (BTC) is in a rut, and the price of BTC is likely to remain in its current downtrend. But as I mentioned last week, when no one is talking about Bitcoin, that's usually the best time to buy Bitcoin.

Last week, the price fell further, falling below $19,000 on September 6 and currently, BTC bulls are struggling to get back from $19,000 to $20,000 at support. Just this week, Federal Reserve Chairman Jerome Powell reiterated the Fed's commitment to literally do whatever it takes to fight inflation "until the job is done." ", and market analysts raised their interest rate hike forecast by 0.50 basis points to 0.75.

Basically, interest rate hikes and quantitative tightening are meant to crush consumer demand, which, in turn, ultimately drives down the cost of goods and services, but we're not. not there yet. Further rate hikes plus QT are likely to drive equity markets lower and given their high correlation to Bitcoin price, further decline for BTC is the most likely outcome.

So, yes, there is no solid investment thesis for Bitcoin right now from a price action and short-term gains perspective. But what about those with a longer investment horizon?

Let's quickly review 3 charts that suggest investors should buy Bitcoin.

Bitcoin Investor Tool: 2-Year MA Multiplier

Bitcoin's price is currently down 72% from its all-time high of $69,000. In previous bear markets, the price of BTC experienced a 55% correction (July 21), a 71% decline in March 2020, and an 84% correction in December 2018. Although brutal to bear, the current correction of 72% is not outside the norm. from previous pullbacks from all-time highs.