BTC nears $40K ahead market correction warning before bull market resumes
Bitcoin surged near to $40,000 on Thursday as bulls gathered increasing signals that the bottom is in.
To a popular trader, Crypto Ed said, “I think we’re close to a reversal and a correction during the day before up again.” According to trader, the market might need another bearish test in the short term before coming back with a vengeance. In the meantime, it may be a case of grinning and bearing familiar moves. He added that he assumed BTC/USD is going to correct rather than continue upward.
Meanwhile, two new metrics that specifically try to catch Bitcoin price bottoms went live on monitoring resource Glassnode this week in a timely release for traders.
Created by David Puell, well known for his famous Puell Multiple indicator, delta cap, and balanced price both provided cues that Bitcoin may already be in recovery.
“Watch out for confluence on these in the next bear,” Puell added.
Market opinions continue to focus on this year seeing a double top pattern on Bitcoin similar to 2013. In both previous bull markets, major retracements from local highs were standard on the way to ultimate peaks; and as such, there is nothing unusual about current behavior.