The post Crypto Analyst Says This Is ‘The Moment’ For Bitcoin appeared on BitcoinEthereumNews.com.

There’s no denying that Bitcoin has significantly underperformed in recent months and has fallen short of the high expectations held by many bullish market participants. This underperformance has been especially evident in the past few weeks, where the cryptocurrency has faced considerable declines. Bitcoin’s price has dropped by 8.2% over the last seven days and 5.4% in the past 20 days, pushing more short-term holders into losses. A well-known crypto analyst, Caleb Franzen, recently weighed in on the situation through a post on the social media platform X (formerly Twitter). According to Franzen, Bitcoin’s underwhelming performance has now positioned the cryptocurrency at a crucial position that would determine a bull market continuation.  Bitcoin At A Critical Juncture “This is the moment for Bitcoin,” Caleb Franzen noted. This statement was made as part of a post in which the analyst noted how Bitcoin’s bullish structure seems to be breaking down. Known for his historically bullish stance on Bitcoin, Franzen has consistently predicted upward trends for the cryptocurrency. However, his latest remarks signal a shift in his outlook as he begins to reassess his last bullish prediction in light of current market conditions. Interestingly, he backed up his decision to temper his optimism by highlighting various trading indicators that have now turned negative for Bitcoin. Among these, he highlighted the Williams %R, a momentum indicator, which has failed to show any bullish momentum over the past 60 days. Furthermore, he pointed to the lack of overbought signals, the negative slopes of critical moving averages like the 21, 55, and 200 EMAs, and a noticeable decline in risk appetite among investors. Franzen emphasized that these indicators should be viewed objectively. Hence, their current state suggests that it’s time to acknowledge the present reality of Bitcoin’s price struggle. Despite this, Franzen remains cautiously optimistic…

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Filed under: News - @ September 8, 2024 6:01 am