A crypto expert has one bullish price reversal for Bitcoin, the world’s largest cryptocurrency. That’s what the analyst suggested Bitcoin’s price may have bottomed outwhich could potentially mark the beginning of market stabilization after a prolonged downturn.
Bitcoin price reversal on the horizon
Crypto expert and Bitcoin analyst Willy Woo has joined X (formerly Twitter). shine light on Bitcoin’s current price performance and future prospects as market conditions stabilize. The analyst revealed that there is a good chance that “Bitcoin has exceeded all price lows” for this market cycle.
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The crypto expert revealed that miners’ capitulation was one of the most reliable indicators of another price reversal in a cryptocurrency, typically ending periods of sideways or bearish. Sharing a price chart of Bitcoin’s performance, the analyst has stated that near-term technical data points to a possible price reversal for the pioneer cryptocurrency.
He announced 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 typically signals a possible change in the market trend of a cryptocurrency.
The crypto expert has revealed that if this scenario plays out, Bitcoin could start to correct upwards, compensating for recent developments price drops caused by excessive selling by miners and significant liquidations driven by speculators. However, Woo has warned against this 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 if weak miners die and hash rates recover. Him too revealed that liquidations were necessary for a major price pump in Bitcoin.
Has BTC bottomed out?
Woo suggested in his post that Bitcoin may have achieved its goal lowest price. The cryptocurrency is currently trading at $61,481, reflecting a decline of 3.86% in the past week, according to CoinMarketCap.
In an earlier post, the crypto expert revealed a price target for Bitcoin at $62,000, highlighting the substantial increase in liquidations downward momentum for Bitcoin. He revealed that the $62,000 threshold was the most optimal price to flush out excessive leverage in Bitcoin.
However, as speculators continued to open new long positions, this inadvertently led to more liquidations The price of Bitcoin fell. The long push put additional downward pressure on the cryptocurrency, pushing Woo’s initial price target down to $58,000.
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Adding to the market pressure, Woo announced that miners’ capitalization was underway after the halving. He announced that after Bitcoin’s halving on April 20, there are numerous people miners sold their Bitcoin holdingsexacerbating the cryptocurrency’s downward spiral as selling pressure increases.
Wow revealed that $54,000 could be the next tier of liquidations for Bitcoin, predicting that if the cryptocurrency hits these lows, it could potentially enter a bearish phase.
Featured image created with Dall.E, chart from Tradingview.com