Note that the situation in the cryptocurrency market is really ambiguous right now. As crypto analyst Matthew Hyland notes, Bitcoin is currently in a downtrend for over 200 days – which is the fourth-longest such period in the coin’s history.

Bitcoin exchange rate chart with periods of decline

That said, there are plenty of cryptocurrency buyers in the niche. According to CoinShares experts, the digital asset industry saw an influx of the equivalent of $87 million in the last week. Accordingly, there were more willing buyers of coins than sellers.

Chart of capital movement within the cryptocurrency industry

More importantly, since the beginning of the year, the amount of money sent into the coin industry is 520 million. This means that investors have no doubts about the future prospects of digital assets and are already willing to bet on further growth.

What is happening with Bitcoin?

According to a recent market analysis from experts at the Blockware Solutions platform, the past few weeks have been some of the toughest for investors. The situation is attributed to the high rate of Bitcoin’s price decline, as shown in the chart below.

Bitcoin chart against the cryptocurrency’s monthly yield dynamics

As noted by analysts, while the main cryptocurrency is trading below $45,000, traders have more reason to be skeptical than positive signs of growth. The exponential moving average with a period of 180 on the scale of weekly candles can be considered a good indicator and a near-term target on the BTC chart. A break above this line usually indicates a strong upward price breakout.

Moving average line on the 1 week chart of Bitcoin

Despite the rather “gloomy” analysis, there are several signs that the market is already in the process of finding a bottom. According to the latest Glassnode platform report published by Cointelegraph, following Bitcoin’s drop below $30,000 in early May, “activity in the cryptocurrency network increased as more and more of the coin’s supply changed hands while the network lost value.” That’s how experts interpret it.

This phenomenon historically signals a great opportunity to buy BTC.

Dynamics of activity in the Bitcoin network

As further confirmation of the theory that Bitcoin is currently in the buying zone, the report points to the cryptocurrency’s dormant coin flow adjusted by the number of cryptocurrency wallets. It is consolidating in what was previously thought to be an optimal buying zone.

BTC dormant coin flow data

Blockware Solutions also believes that the market may be in search of a bottom. As evidence, analysts cite a metric called Mayer Multiple, which compares the current market price to the 200-day moving average. It is currently “near one of the lowest values on record”.

Mayers Multiple indicator

While numerous reports confirm that the crypto market is in a bearish trend, there are signs that the “depletion” of sellers may have reached its limit. It remains to “find the bottom” – that is, to reach a point where most traders agree on the benefits of buying BTC. Most likely, this point is located closer to the $20,000 line – although this is only one of the possible versions.

Here, one can’t help but mention a funny tweet that Ilon Musk posted over the weekend. The whole publication consisted of a single picture of a man on the moon sitting facing the audience.

In a previous similar tweet, however, Musk had the character sitting backwards. In addition, the old tweet appeared on November 13, 2021-a few days after the current record of $69,000 for Bitcoin. And the market went on to collapse after that.

Musk’s old tweet with the man on the moon

As a result, cryptocurrency fans have assumed that Musk may have thus declared the day of the coin market, i.e. the end of their falling rates. And if you look at the publication of these images in the context of a Bitcoin chart, you really can believe it.

Ilon Musk’s tweets with the moon on the Bitcoin chart


We don't think you should accept such versions of experts as financial advice. Certainly, some of them will indeed guess the bottom of the market, which will bring them fame and recognition from investors. However, it is important to understand that this is only possible because of the abundance of such predictions.

So any crypto investor should only make decisions according to their own analysis. That way, you won't have to blame anyone else for the market moving in the wrong direction.

What do you think about it? Share your opinion in our millionaires’ cryptochat. We discuss other news from the blockchain industry there as well.