After a surprising setback, bitcoin It witnessed a notable recovery when Wednesday closed, rising from the price of $61,000 to $67,000, raising hopes within the cryptocurrency community that an upward move could be imminent. However, the crypto asset is not exactly back to where it was a week ago, especially since btc hit a new all-time high last week when it surpassed $73,000.
bitcoin correction has bottomed
With bitcoin surpassing its previous all-time high and rising further to set a new high of $73,000, March has been a momentous month for the cryptocurrency. And following the recent recovery, several cryptocurrency experts and traders believe that the recent price correction has hit rock bottom.
crypto analyst and enthusiast, crypto Jelle has Offered a positive prediction about bitcoin price action and its potential to rise. Their analysis delves into the current state of the btc price and the possibility of the pullback coming to an end.
According to crypto Jelle, the average correction in “this bull market is almost 20%.” Meanwhile, the pullback is currently “approximately 18% deep.” As a result, Jelle believes that “we have most likely witnessed the worst of the decline,” suggesting that the price could be ready to experience a full recovery.
Jelle claims that the decline “should bottom out” any time from now. However, this may not happen anytime soon as “these things take time to form,” urging the crypto community not to rush.
The post said:
The average retracement in this bull market is almost 20%. Given that the current crisis is only 18% deep, the worst is probably behind us. Although these things take time to form, the bottom must be close. Don't rust it.
in another x mail, crypto Jelle noted that the market has once again begun to “show signs of a local bottom.” Because of this, the largest cryptocurrency asset by market capitalization He still has “work to do.”
crypto Jelle anticipates that bitcoin will remain above the $65,300 threshold, for the price to “recapture that 2021 bull cycle peak.” Furthermore, when his forecast comes true, he believes that prices will “swing” in an upward direction before long.
Amount of btc to buy using the DCA strategy
As bitcoin continues to struggle, crypto analyst Ali Martínez has underlined the amount of btc to purchase within specific price levels using the dollar cost averaging (DCA) strategy.
According to Martínez, when btc is within the range of $65,130, $64,130, $63,130 and $62,130, investors should buy 0.5 btc. Meanwhile, at the $61,130, $60,130, $59,130, and $58,130 levels, investors should acquire around 0.65 btc.
Furthermore, around $57,130, $56,130, $55,130 and $54,130, Martínez advocates the acquisition of 0.8 btc. Lastly, a portion of 0.95 btc should be purchased around $53,130, $52,130, $51,130, and $50,130.
At the time of writing, bitcoin was trading at $67,299 in the daily period, indicating an increase of over 4%. Its market capitalization increased by 4.97% in the last day, while its trading volume decreased by more than 12%.
Featured image from iStock, chart from Tradingview.com
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