Bitcoin
Is Bitcoin bottoming? Crypto Expert Predicts Bullish Price Reversal
A cryptography expert predicted a optimistic price reversal for Bitcoin, the largest cryptocurrency in the world. The analyst suggested that Bitcoin price may have bottomed out inpotentially signaling the beginning of market stabilization after a prolonged crisis.
Bitcoin Price Reversal on the Horizon
Crypto expert and Bitcoin analyst Willy Woo took to X (formerly Twitter) to shed light about Current Bitcoin Price Performance and its future prospects as market conditions stabilize. The analyst revealed that there could be a good chance that “Bitcoin has overcome all price lows” for this market cycle.
The crypto expert revealed that miners’ capitulation was one of the most reliable indicators for the subsequent future. price reversal in a cryptocurrency, typically ending periods of lateral or pessimistic. Sharing a price chart of Bitcoin’s performance, the analyst stated that short-term technical data points to a possible price reversal for the pioneering cryptocurrency.
He disclosed that the market is approaching the TD9 reversal signal on daily candles, which should occur in two hours. A TD9 reversal is a technical indicator that usually signals a possible change in the market trend of a cryptocurrency.
The crypto expert revealed that if this scenario comes to fruition, Bitcoin could begin to correct upwards, offsetting the recent price drops triggered by excessive miner selling and significant liquidations driven by speculators. However, Woo warned that Bitcoin’s Road to Recovery remains uncertain as substantial speculative activity still needs to be eliminated from the market.
The analyst has revealed that Bitcoin can only recover when weak miners die and hash rates recover. He too disclosed that liquidations were necessary for a major price pump in Bitcoin.
Has BTC bottomed?
Woo suggested in his post that Bitcoin may have reached its low 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 crypto expert released a target price for Bitcoin at US$62,000, highlighting that an increase in settlements triggered downward momentum for Bitcoin. He revealed that the $62,000 limit was the most ideal price to eliminate Bitcoin’s excessive leverage.
However, as speculators continued to open new long positions, this inadvertently led to more liquidations as Bitcoin price has fallen. The long squeeze triggered additional downward pressure for the cryptocurrency, pushing Woo’s initial price target lower towards $58,000.
Adding to market pressure, Woo revealed that capitalization of a post-halving miner was in the works. He revealed that following the Bitcoin halving event on April 20, several miners sold their Bitcoin holdingsexacerbating the cryptocurrency’s downward spiral as selling pressures mounted.
Wow revealed that $54,000 could be the next layer of liquidations for Bitcoin, predicting that if the cryptocurrency reaches these lows, it could potentially take it into a bearish phase.
Featured image created with Dall.E, chart from Tradingview.com