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<p class="is-style-lead">One trader believes Bitcoin (BTC) has bottomed, referencing CryptoQuant data. His preview is despite a parallel analysis by Mike McGlone, a Bloomberg analyst, who notes that the coin is still struggling with negative liquidity.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> – The Bottom Has Passed But Still Attractive Price<br><br>"The attached chart shows Bitcoin in Google Trends and Bitcoins estimated to be purchased between 1 week and 1 month ago."<br>by <a href="https://twitter.com/DanCoinInvestor?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@DanCoinInvestor</a> <br><br>Link👇<a href="https://t.co/Ri3x8DuEyv" target="_blank" rel="noopener noreferrer nofollow">https://t.co/Ri3x8DuEyv</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1709444275921211540?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 4, 2023</a>
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<p>The analysis is anchored on the link between public sentiment and Bitcoin prices. Often, high optimism signals a market peak.</p>
<p>CryptoQuant uses Google Trends data and coins purchased in the past month to support this preview.</p>
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<p>Presently, data indicates low public interest in Bitcoin, suggesting that the coin is far from its peaks. Accordingly, the analyst, pointing to CryptoQuant data, suggests that this might be a good time for traders to gradually accumulate.</p>
<p>While the trader is bullish, a recent analysis by Mike McGlone points to possible liquidity challenges Bitcoin has to face as it steps into Q4 2023.</p>
<p>Specifically, monetary policy shifts across the globe and risks of central banks resuming their interest rate hikes might adversely impact sentiment and capital inflow to Bitcoin and crypto.</p>
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   <p lang="en" dir="ltr">Declining Bitcoin Has Preceded <a href="https://twitter.com/hashtag/Fed?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Fed</a> Pivots –<br>The bottom line for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> at the start of 4Q may be that liquidity remains negative, with price implications. Coming of age in a zero interest-rate world, the <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#crypto</a> hangover could be enduring as global rates continue to rise,… <a href="https://t.co/Nrn8lMaYzo" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Nrn8lMaYzo</a></p>— Mike McGlone (@mikemcglone11) <a href="https://twitter.com/mikemcglone11/status/1709134080233668900?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 3, 2023</a>
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<p>McGlone backed his claims with a one-year fed fund futures chart, suggesting Bitcoin needs to adjust downward for liquidity to improve.</p>
<p>Bitcoin has remained relatively firm in 2023, aligning with other risk assets. According to the Bloomberg analyst, Bitcoin has strong resistance at $30,000. However, there is a possibility of BTC retracing to as low as $10,000.</p>
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Bitcoin has bottomed but struggling with negative liquidity

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