- James Mullarney predicts a change in Bitcoin’s selling pressure soon.
- Mullarney’s analysis shows a 4% rise in cryptocurrency users recently.
- He anticipates daily selling pressure to drop after Bitcoin halving.
James Mullarney, the host of the InvestAnswers YouTube channel, predicts an impending change in Bitcoin’s selling pressure. In a recent video, Mullarney outlined the elements influencing Bitcoin’s price trajectory, offering a technical analysis of the cryptocurrency market.
Mullarney stated that on Tuesday, October 3, 2023, the cryptocurrency market capitalization stood at approximately $1.1 trillion, with a trading volume of around $40 billion. Concurrently, Bitcoin and Ethereum, the leading cryptocurrencies, were valued at $27,400 and $1,650 respectively. Mullarney highlighted these price points as significant, particularly for Bitcoin.
The financial analyst believes that these price points are crucial, albeit positively. He pointed out that the Fear and Greed index has risen from 46 to 50, suggesting a growing bullish outlook, which could be favorable for the Bitcoin market.
Mullarney underscored his stance by summarizing the price trends of leading cryptocurrencies. He demonstrated that most of these top cryptocurrencies recorded substantial increases the previous week. Bitcoin saw a rise of 4.09%, Ethereum experienced a 3.86% increase, and Solana surged by 24% in the last seven days.
Mullarney continued examining the diminishing sell pressure, providing additional key data about the cryptocurrency market. His findings revealed a 4% rise in cryptocurrency users in the 24 hours preceding his analysis. Furthermore, there was a 10.5% increase in the volume of transactions on the cryptocurrency network.
In conclusion of his evaluation, the host of InvestAnswers utilized data from Blockware Solutions to highlight a decrease in Bitcoin Issuance. Mullarney explained that Issuance represents selling pressure, and a decline in this measure suggests that the persistent selling pressure on Bitcoin is diminishing. He anticipates that the daily selling pressure will plummet after the upcoming Bitcoin halving, in line with the usual market trend.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
