As a seasoned crypto investor with several years of experience in the market, I have learned to be cautious and patient when it comes to making predictions about Bitcoin’s price movements. MilkyBull’s analysis, based on historical patterns and the CME gap development, is intriguing, and I agree that a local bottom may have been reached. However, as with any investment, there are always risks involved, and it’s essential to keep an eye on market trends and developments.
As a researcher delving into the dynamic landscape of cryptocurrencies, I’m constantly intrigued by the challenge of pinpointing the bottom of Bitcoin‘s price correction. This question piques the curiosity of investors and analysts alike. Among them is MilkyBull, a seasoned cryptocurrency analyst and trader, who asserts that a specific development has led to Bitcoin’s current local price floor.
After rebounding from a bear market over the weekend, Bitcoin’s price experienced a slight decrease on Monday according to current reports. MilkyBull remains optimistic that this latest dip could represent the final downturn before Bitcoin resumes its upward trend.
Bitcoin Local Bottom Is In
Based on the analysis of the expert, if the price of the next Bitcoin liquidity grab is more than $64,557, then it’s expected that the cryptocurrency has reached its local bottom. This means that Bitcoin will likely pass through the $67,000 mark before consolidating. Consequently, the CME gap below Bitcoin’s price might be closed either before or after the elimination of the liquidity above $64,975.
Related Reading: Bitcoin Bottom In? Retracement From $73,800 Is Deeper And Took Longer To Form
The price disparity between the Bitcoin futures market’s last Friday closing price and opening price on Sunday at the Chicago Mercantile Exchange (CME) is an intriguing occurrence. As an expert, I believe this situation presents a promising prospect for long trades, indicating a potential buying opportunity for investors with a bullish stance towards Bitcoin.
MilkyBull highlighted a past assessment indicating Bitcoin could experience a resurgence based on historical trends. According to the analyst, Bitcoin’s price behavior in 2017 demonstrated that following a new record high, there was typically a pullback caused by liquidity before reaching a peak in the cycle.
Based on MilkyBull’s analysis, I believe BTC may be following a similar pattern as identified in his previous assessment. If this holds true, it could indicate that BTC has experienced its final price correction and is poised for an uptrend. Notably, the current consolidation range mirrors the one observed during the prior consolidation period, which emerged from December 2023 to February 2024.
Expert observation: Market makers employ this tactic to eliminate short-term investors who are susceptible to losses during sudden price drops, as these investors’ purchase prices are significantly higher than the current market value.
BTC Correction On The Horizon
MilkyBull looks forward to an uptrend, but market analyst Benjamin Cowen predicts a decline in Bitcoin’s price in the imminent future. Last week, Cowen stated that Bitcoin’s Return on Investment (ROI) 12 days following the Bitcoin Halving was its poorest showing to date. According to Cowen, this is understandable because Bitcoin has yet to hit a new all-time high before the Halving event in its history.
After nearly a week, the situation has not improved for BTC‘s ROI, according to the analyst’s assessment. This performance is currently lagging behind that of previous cycles, leading Cowen to anticipate a potential downturn for Bitcoin within the next week.
At the point of composing this text, Bitcoin was priced at $63,970 on the markets, marking a weekly growth of more than 3%. However, its market capitalization has decreased by 1.17% over the same timeframe. Despite this setback, the cryptocurrency’s daily trading volume has gained favorable reactions, registering a notable increase of approximately 40%.
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2024-05-07 20:11