- On the crypto market, people aren’t sure if BTC has reached its bottom or not.
- Traders and investors are looking at the S&P 500 to figure out if BTC will go down even more.
- The price of BTC is now over $20,000 after going up over the past 24 hours.
On the crypto market, one of the most talked-about topics is whether or not Bitcoin (BTC), the market leader, has reached its price bottom for the current bear market.
Related: The biggest Fed rate increase in forty years? Five things you need to be aware of in Bitcoin this week
The S&P 500 Index is used by experienced crypto investors and traders to try to figure out which side of this debate is right. This is because it is thought that BTC and the S&P 500 are closely related. This link can be found in the middle of December 2018. At that time, the cryptocurrency market was in a bear market because of the meteoric rise in prices in 2017.
BTC/USDT chart for the past week
As you can see from the weekly chart for BTC/USDT above, BTC started a bullish rally that lasted until July 2019, when it reached a high of $14,000. After that, it went back down a bit and settled.
Even though it happened after BTC’s trend reversal, the S&P 500 Index’s trend changed from bearish to bullish in the middle of December 2018.
Everyone is wondering if history will repeat itself now that BTC seems to have hit bottom at $17,500 after rising to $19,000, where it is now stuck in a consolidation phase.
Asian Trade, a website that tracks the crypto market, says that the price of the crypto market king is now $20,263.89. This is an increase of 8.14% over the last 24 hours. The price of BTC hit a 24-hour high of $20,263.89 and a daily low of $18,721.29 on the same day.
Disclaimer: All of the information in this price analysis, as well as all of the views and opinions expressed, are shared in good faith. The reader must do his or her own research and homework. If a reader does something, it is at their own risk. Coin Edition and its partners will not be responsible for any direct or indirect damage or loss.
Related: Bitcoin is down to $19,000, because cryptos twitch amid the risk of rate hikes
The post Did BTC Start a Bull Cycle When It Broke Above $20,000? first showed up on Coin Edition.
