Bitcoin sine [BTC] The chances of short-term recovery look bleak thanks to …

Bitcoin is down again, and the downturn just does not seem to stop for the king of cryptocurrency. It has ended the last EIGHT weeks in losses and seems to continue the track. There is good reason for maximalists to be afraid that their beloved Bitcoin will fall below new levels of support.

May day! May day!

Currently trading at $ 28,800, down just 1% in the last 24 hours. Given the lack of movement recently, Bitcoin is now expected to end the week around the $ 29,000 zone. Volume is another worrying factor that has fallen by almost 25% since yesterday.

The largest cryptocurrency has gone through extreme volatility this month, with Terra de-pegging bulging hopes of some recovery. Billions were wiped out of the crypto market after the crash that put Bitcoin on the brink of a major collapse.

Bitcoin survived, but consolidated around the $ 29,000- $ 30,000 region. However, calculations indicate that there is still more to come with more recent disappointing data. In a recent Glassnode tweet, the NVT signal was registered at the lowest 4-year level of 233.9. The previous low of four years was, in fact, recently observed on May 25, increasing pressure on the Bitcoin community.

Source: Glassnode

Another tweet raised eyebrows over the crypto area, when Crypto Quant reported that it will be “2-3 months of boring price action. Then the last capitulation is possible with 30% – 50% extra price drop”. This emphasizes that the market bottom is explored by the Bitcoin price chart as it struggles to rise back above the $ 30k level.

Source :: Crypto Quant / Twitter

Analysts give Bitcoin maxis hope

Marion Labor, an analyst at Deutsche Bank Research, said in a interview with CNBC at,

“Bitcoin value will continue to rise based on what people think it is worth.”

Bitcoin is on a red chart far more often these days, as it seems to end a ninth in a row in losses. It is also less than half of its all-time high value of around $ 68k. But Labor stated four factors that will ultimately help Bitcoin march to victory.

Labor releases four factors that could lead to a rise in Bitcoin prices. The first factor is the psychology behind bitcoin and cryptocurrencies which she refers to as the tinkerbell effect. This means that market sentiment against Bitcoin will determine growth in the future.

Around 55% of $ BTC the offer is still in profit

“2-3 months with boring price action. Then the last capitulation is possible with% 30-% 50 extra price drop.”
of @KriptoMevsimi

Read more?https: //t.co/BTolS8aBEt pic.twitter.com/GQcPojIzXC

– CryptoQuant.com (@cryptoquant_com) May 27, 2022

The second factor is demand and supply. With a fixed supply of 21 million coins, the demand for Bitcoin will gradually increase, which will lead to a price increase. The third factor is the most controversial: regulation. She also mentioned that she had reason to believe that “regulation is coming” that could pave the way for a larger crypto adoption.

Finally, she points to volatility as a factor in determining Bitcoin’s growth. Crypto markets have been plagued by volatility in recent years, with Terra crashing being the latest example. But with regulation and increasing adoption, volatility can actually play in Bitcoin’s favor.