Is The Bitcoin Bottom In? Crypto Expert Predicts Bullish Price Reversal
June 28 2024 - 10:00PM
NEWSBTC
A crypto expert has predicted a bullish price reversal for Bitcoin,
the world’s largest cryptocurrency. The analyst suggested that
Bitcoin’s price may have bottomed in, potentially signaling the
start of market stabilization after a prolonged downturn. Bitcoin
Price Reversal On The Horizon Crypto expert and Bitcoin analyst,
Willy Woo has taken to X (formerly Twitter) to shed light on
Bitcoin’s current price performance and its future outlook as
market conditions stabilize. The analyst disclosed that there may
be a good chance that “Bitcoin has cleared all price lows” for this
market cycle. Related Reading: Dogecoin Profitability Rises
To 75% As Shiba Inu Plunges To 52% The crypto expert disclosed that
miner capitulation was one of the most reliable indicators for a
subsequent price reversal in a cryptocurrency, typically ending
periods of sideways or bearishness. Sharing a price chart of
Bitcoin’s performance, the analyst has stated that short-term
technicals point to a possible price reversal for the pioneer
cryptocurrency. He disclosed that the market was approaching
a TD9 reversal signal on the daily candles, which is expected to
occur in two hours. A TD9 reversal is a technical indicator that
usually signals a possible change in a cryptocurrency’s market
trend. The crypto expert has revealed that if this scenario
plays out, Bitcoin could start correcting upwards, compensating for
the recent price declines triggered by excessive selling from
miners and significant liquidations driven by speculators. However,
Woo has cautioned that Bitcoin’s path to recovery remains
uncertain, as substantial speculative activity still needs to be
flushed out of the market. The analyst has revealed that Bitcoin
can only recover when weak miners die and hash rates recover. He
also disclosed that liquidations were necessary for a major price
pump in Bitcoin. Is BTC’s Bottom In? Woo suggested in his
post that Bitcoin may have reached its bottom price. The
cryptocurrency is currently trading at $61,481, reflecting a 3.86%
decline over the past week, according to CoinMarketCap. In an
earlier post, the crypto expert disclosed a price target for
Bitcoin at $62,000, highlighting that an increase in liquidations
has triggered substantial downward momentum for Bitcoin. He
revealed that the $62,000 threshold was the most optimal price
point to flush out excessive leverage in Bitcoin. However, as
speculators continued to open new long positions, it inadvertently
led to more liquidations as Bitcoin’s price fell. The long squeeze
triggered additional downward pressure for the cryptocurrency,
pushing Woo’s initial price target down towards $58,000.
Related Reading: Crypto Analyst Says ‘XRP Is In Trouble,’ Here’s
Why Adding to the market pressure, Woo disclosed that a
post-halving miner’s capitalization was ongoing. He disclosed that
after Bitcoin’s halving event on April 20, numerous miners sold off
their Bitcoin holdings, exacerbating the cryptocurrency’s downward
spiral as selling pressures increased. Woo revealed that
$54,000 may be the next layer of liquidations for Bitcoin,
predicting that if the cryptocurrency reaches these lows, it could
potentially tip it into a bearish phase. Featured
image created with Dall.E, chart from Tradingview.com
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