Crypto analyst Gargoyle is warning investors not to buy Bitcoin until there's a huge spike in trading volume, a signal that could mark the true market bottom. He points out that this capitulation event hasn't happened yet, even after BTC fell below the key $80,000 level.
Gargoyle notes that the hardest flush always comes after retail thinks it's over, and his chart shows Bitcoin potentially dropping to around $45,000 before reversing toward a new all-time high. Another analyst, Colin, warns that a stock market crash would likely drag Bitcoin down further, especially with inflation rising due to the U.S.-Iran conflict and markets pricing in a possible rate hike.
At press time, Bitcoin is trading near $79,000, down over 2% in the last 24 hours.