A cryptography expert has predicted a bitcoin-bull-reversal/” rel=”nofollow”>bullish price reversal for bitcoin, the world's largest cryptocurrency. The analyst suggested that bitcoin price may have bottomed outwhich could signal the beginning of market stabilization after a prolonged recession.
bitcoin Price Reversal on the Horizon
Cryptocurrency expert and bitcoin analyst Willy Woo has taken to x (formerly twitter) to… x.com/woonomic/status/1805358685838835884?s=46″ rel=”nofollow”>shed light in bitcoin-price-tragic-june/” rel=”nofollow”>The current behavior of the bitcoin price and its future prospects as market conditions stabilize. The analyst revealed that there may be a good chance that “bitcoin has broken through all price lows” for this market cycle.
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The cryptocurrency expert revealed that miners' capitulation was one of the most reliable indicators for a future price reversal in a cryptocurrency, usually ending periods of lateral or bearishSharing a price chart of bitcoin’s performance, the analyst claimed that short-term technicals point to a possible price reversal for the pioneering cryptocurrency.
He revealed 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 cryptocurrency expert has revealed that if this scenario plays out, bitcoin could begin to correct upwards, offsetting the recent bitcoin-price-falls-below-short-term-holders-realized-price-of-66200-what-are-the-implications/” rel=”nofollow”>price drop triggered by excessive selling by miners and significant liquidations driven by speculators. However, Woo has warned that bitcoin-revisiting-72000-soon/” rel=”nofollow”>bitcoin's road to recovery It remains uncertain as significant speculative activity still needs to be removed from the market.
The analyst has x.com/woonomic/status/1803926249036710234?s=46″ rel=”nofollow”>revealed that bitcoin can only recover when weak miners die and hash rates recover. Also x.com/woonomic/status/1803300427733127407?s=46″ rel=”nofollow”>revealed that liquidations were necessary for a significant price increase in bitcoin.
Is btc at the bottom?
Woo suggested in his post that bitcoin may have reached its lowest price. The cryptocurrency is currently trading at $61,481, reflecting a 3.86% drop over the past week, according to CoinMarketCap.
In a previous post, the cryptocurrency expert revealed a Target price for bitcoin to $62,000, highlighting that a surge in liquidations has triggered significant downward momentum for bitcoin. He revealed that the $62,000 threshold was the most optimal price to eliminate excessive leverage in bitcoin.
However, as speculators continued to open new long positions, further liquidations inadvertently occurred. bitcoin price fellThe prolonged squeeze triggered additional bearish pressure for the cryptocurrency, pushing Woo's initial price target towards $58,000.
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To add to the market pressure, Woo revealed that a post-halving miner capping was taking place. He revealed that after the bitcoin halving event on April 20, numerous miners bitcoin-miners-in-distress-mass-sell-off-sends-btc-price-tumbling-to-61000/” rel=”nofollow”>Miners sold their bitcoin holdingswhich exacerbated the cryptocurrency’s downward spiral as selling pressure mounted.
Court x.com/woonomic/status/1805358688393175248?s=46″ rel=”nofollow”>revealed that $54,000 may be the next layer of liquidations for bitcoin, predicting that if the cryptocurrency hits these lows, it could potentially lead it into a bearish phase.
Featured image created with Dall.E, chart from Tradingview.com
