James Mullarney, the host of the InvestAnswers YouTube channel, predicts an impending shift in Bitcoin’s selling pressure. In a recently uploaded video, Mullarney delved into the factors influencing the price development of Bitcoin, providing a detailed technical analysis of the cryptocurrency market.
As of October 3, 2023, Mullarney observed that the total crypto market capitalization stood at approximately $1.1 trillion, with a trading volume of around $40 billion. Concurrently, the two leading cryptocurrencies, Bitcoin and Ethereum, were valued at $27,400 and $1,650, respectively. Mullarney regarded these price levels as pivotal, particularly for Bitcoin.
The investment analyst views these price levels as crucial, but in a positive light. He highlighted the Fear and Greed index, which had risen from 46 to 50, signifying a growing bullish sentiment—a favorable development for the Bitcoin market.
Mullarney reinforced his stance by analyzing the recent price performance of prominent cryptocurrencies. He pointed out that most top cryptocurrencies had posted substantial gains over the past seven days, with Bitcoin increasing by 4.09%, Ethereum by 3.86%, and Solana by an impressive 24%.
Continuing his examination of the diminishing selling pressure, Mullarney presented additional fundamental statistics related to the cryptocurrency market. He revealed a 4% increase in the number of crypto users within 24 hours of his analysis and noted a 10.5% uptick in the number of transactions on the cryptocurrency network.
In summary, the host of InvestAnswers utilized data from Blockware Solutions to illustrate a decline in Bitcoin issuance. Mullarney emphasized that issuance represents selling pressure, and a decrease in this metric suggests that the prolonged selling pressure on Bitcoin is waning. He anticipates that daily selling pressure will plummet following the next Bitcoin halving, aligning with a conventional pattern observed in the market’s behavior.