As the price of Bitcoin rose 73% from a low of $29,200 on July 20 to a high of $50,478 on August 26, the cryptocurrency market has been in a downward trend in the last month. This move caused a cryptocurrency market analyst Co-founder of Dank Demeter and TheChartGuys.
According to McDermett, Bitcoin’s relentless rise in the past month was completed in “a lack of weekly integration”. This is an impressive development that makes bears feel frustrated because “weekly It’s all a higher low.”
McDemmett “expects an equilibrium pattern in the monthly time frame, that is, a pattern with higher lows and lower highs within the tightening range.”
“I expect that initially I will look for lower highs than historical highs… I’m just observing some short-term pattern changes to lead to weekly consolidation. This will be a healthy overall situation just to calm things down.”
When it comes to setting record highs, McDermett believes that the market needs a catalyst to increase trading volume, such as the passage of the BTC ETF, because it will be “on the back of a very significant volume.”
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