Bitcoin’s (BTC) downward price movement appears to have come to a halt as the leading cryptocurrencyaims to establish a solid foundation above the $27,000 position. This comes just days after failing to sustain gains above the $30,000 mark.
Despite the downturn, pseudonymous crypto analyst El_crypto_prof in a tweet on April 23 suggested that the losses might be short-lived. According to the analyst, historical data points to a potential bull run for Bitcoin, following what he termed as the end of smart money accumulation, which was signaled by the Quantitative Qualitative Estimation (QQE) surpassing zero.
“Smart money is done accumulating BTC. I told you a few weeks ago that once QQE >0 = Accumulation ends. We always saw a strong bull run afterward.<…> And bears are happy about a few red candles,” he said.
What next for Bitcoin?
Elsewhere, crypto trading expert and analyst Michaël van de Poppe, in a tweet on April 23, also pointed out Bitcoin is still facing crucial resistance at $27,800.