- CryptoQuant explained that bull market price crashes present good entry points.
- The taker selling pressure hit a high of -$30 million which is bullish for crypto.
- Bitcoin is already up 34% in November, printing the ATH at $99,655.50.
Blockchain analysis platform CryptoQuant stated in an X post that it’s still a good time to enter the crypto market and buy the dip, despite the significant price increases of the past few days.
Bitcoin (BTC) surged 34% in November, but data indicates investors haven’t yet seen the explosive price action and peak excitement of a crypto bull run. Altcoins also showed strong gains, and CryptoQuant believes there’s still room for growth.
CryptoQuant’s Bitcoin Bull-Bear Market Cycle Indicator shows the market hasn’t reached the “Extreme Bull phase.” The platform explained that traders can enter the market during drawdowns, which are common in bull markets. For instance, the 2017 bull run saw a 22% drawdown, while 2021 featured crashes of 10% and 30%.
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Similarly, the 2024 market cycle experienced drawdowns of 15% and 20%. Since this is just the start of the cycle, investors can expect future crashes that could offer good entry points. CryptoQuant added that higher prices push traders towards speculative bets which presents a good buying point once these bets are flushed.
Analyzing Market Indicators for Potential Price Surge
The Net Taker Volume (24HMA) measures the difference between taker buying and selling. Taker selling pressure is approaching significant highs of -$30,000,000, which presents a good market entry point, according to CryptoQuant.
This surge in taker selling pressure shows that investors are willing to pay higher prices, meaning bulls could soon take over. Another bullish indicator is the Accumulation/Distribution line for Bitcoin.
The Accumulation/Distribution line has been forming an uptrend since the beginning of November as Bitcoin hit its all-time high of $99,655.50 five days ago, a slight distribution was seen as well.
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