Bitcoin Local Bottom In? Analyst Offers Insights
2024年5月8日 - 2:00AM
NEWSBTC
In an ever-evolving world of cryptocurrency markets, deciding the
bottom of Bitcoin price correction is an endeavor that attracts
interest from both investors and analysts. Joining the fray is
cryptocurrency analyst and trader MilkyBull offering insights on
the subject, claiming that Bitcoin’s local bottom has developed due
to a certain development. Following its weekend recovery out of
bear market territory, the price of Bitcoin slightly decreased on
Monday. However, MilkyBull is confident that the recent retracement
might be the last before BTC turns to move on the upside. Bitcoin
Local Bottom Is In According to the expert, given that the next
liquidity grab interest is above $64,557, the local bottom for
Bitcoin is in. As a result, before moving on to the current
all-time high of $73,000, BTC will first clear the $67,000 price
level and consolidate. Thus, Bitcoin may eliminate the CME gap
below either prior to or subsequent to eliminating the liquidity
above $64,975. Related Reading: Bitcoin Bottom In? Retracement From
$73,800 Is Deeper And Took Longer To Form The CME gap is a price
difference that occurs between the Friday closing price and Sunday
opening prices of the Chicago Mercantile Exchange (CME) Bitcoin
futures market. Therefore, the expert considers this development a
good area for long trade, signaling a buying opportunity for BTC
bullish investors. MilkyBull further drew attention to a previous
analysis that suggests Bitcoin could be poised for a rally due to
historical patterns. The analyst noted that the 2017 price action
shows that when BTC breached a new all-time high, there was a
healthy retracement that was driven by liquidity before it surged
to a cycle peak. Given that BTC might be mirroring this
pattern, MilkyBull’s analysis might suggest that BTC has undergone
its last shakeout, and a move on the upside could be imminent. He
also confirmed that the present consolidation range was paralleled
by the preceding consolidation, which began to materialize from
December 2023 to February 2024. This pattern, identified as a
manipulative strategy of the market makers (MMs) by the expert, is
meant to remove degenerate Short-Term Holders (STHs), which are
particularly vulnerable to price corrections below their cost base.
BTC Correction On The Horizon While MilkyBull anticipates a rally,
market expert Benjamin Cowen expects the leading cryptocurrency
asset to drop in the upcoming days. Last week, Cowen claimed BTC’s
Return On Investment (ROI) 12 days after the Bitcoin Halving event
was the worst performance that the asset has experienced. According
to Cowen, this is reasonable as it is the first time BTC is
reaching a new all-time high before the Halving. Related Reading:
Crypto Expert Arthur Hayes Says Bitcoin Has Found Its Local Bottom
– But Can It Hold This Level? Almost a week later, there is still
no improvement, as the analyst noted that BTC ROI is still
performing worse than in previous cycles. Comparing this action
with that of 2016, Cowen expects BTC to undergo a decline in the
coming week. During the time of writing, BTC was trading at
$63,970, demonstrating an increase of over 3% in the past week.
While its market cap is down by 1.17%, its daily trading volume has
garnered positive sentiment, rising by 40%. Featured image from
iStock, chart from Tradingview.com
Maker (COIN:MKRUSD)
過去 株価チャート
から 4 2024 まで 5 2024
Maker (COIN:MKRUSD)
過去 株価チャート
から 5 2023 まで 5 2024