Cryptographic Analyst crypto Rover has provided information about what could happen if bitcoin-price-rise-above-57000/#:~:text=bitcoin%20isn’t%20showing%20signs,a%20bullish%20narrative%20for%20BTC.” rel=”nofollow”>bitcoin price falls below $58,000.. The flagship cryptocurrency has continued to suffer price drops lately and is at risk of falling to that price level if it manages to break the bitcoin-supply-bought-above-60000-glassnode/” rel=”nofollow”>crucial $60,000 support level.
What a drop below $58,000 would mean for bitcoin price
Rover mentioned in a video on his YouTube channel that bitcoin falling below $58,000 would mean a crash for the flagship crypto token. However, he was quick to add that there is still a lot of liquidity in the market, which he believes bitcoin can absorb and help boost its price. bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>back above $60,000 if the drop below $58,000 occurs.
He seemed optimistic about bitcoin's quick recovery if it fell below $58,000. He revealed that he would not close his positions but instead open million-dollar long positions if the flagship cryptocurrency fell between $57,000 and $60,000.
Meanwhile, crypto Rover revealed that bitcoin is still in the midst of a “gigantic and enormous bitcoin-accumulation-strong-amidst-consolidation/” rel=”nofollow”>consolidation phase” and that bitcoin will have a “massive breakout” when this consolidation period ends. For now, he highlighted that the top of bitcoin is still trending downward, while the bottom of bitcoin is trending up.
Therefore, crypto Rover claimed that this is causing a “compression” in The price of bitcoin. However, once this compression ends, bitcoin will come out with a “bang,” the analyst added. crypto Rover then alluded to funding rates, which are currently negative. He noted that, historically speaking, negative or low financing rates are always a bitcoin buying opportunity.
Big gains are yet to come for btc
crypto Rover also noted that the majority of bitcoin profits always occur after the bitcoin-bull-market-glassnode/” rel=”nofollow”>Halving bitcoin and not before. As such, even though the crypto token hit a new all-time high (ATH) before the halving, the analyst stated that “what we have seen so far is nothing compared to what we are about to get.” .
He suggested that the halving event would be the catalyst for The rise of bitcoin to $100,000, mainly because it would create more shortages. This would certainly help increase the value of bitcoin, especially if your demand continues to shoot. However, such a price increase might not happen immediately, considering that the price of bitcoin tends to increase 6 to 12 months after halving.
Hannah Phung, Principal Analyst at On-Chain Analytics Platform SpotOnChainHe also made that observation recently, although he admitted that things could be different this time, as this market cycle appears to be more different and mature than previous ones.
At the time of writing, bitcoin is trading at around $60,900, down almost 5% in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
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btc price recovers above $62,000 | Source: BTCUSD on Tradingview.com
Featured image from PYMNTS, chart from Tradingview.com
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