MilkyBull, a well-known personality in the world of cryptocurrency analysis, has been turning heads lately with his analysis of Bitcoin’s price trajectory and his prediction of a situation that could create more fear in the market.
MilkyBulls analysis delves into the subtleties of the Bitcoin movement and identifies patterns and trends that could have a major impact on investor sentiment.
Bitcoin is causing fear in the market
According to the analyst, the market will become even more fearful of the Bitcoin price path before it bottoms out and continues to rise. The analyst claimed that due to the current price of BTC, Blackrock iShares Bitcoin Trust (IBIT) experienced outflows for the first time since the approval of the Bitcoin Trust. Bitcoin Spot Exchange-Traded Funds (ETFs).
Furthermore, he reminded us that positive news always signals the peak of a Bitcoin bull cycle, while negative news signals the bottom. With this idea, investors could position themselves for BTC’s next trajectory.
To further investigate its story, MilkyBull drew attention to a previous analysis regarding Bitcoin’s ultimate local value bottom in this cycle. Considering that BTC is following the 2017 PA (Price Action), MilkyBull believes that the cryptocurrency has bottomed out or is close to it.
Historically, the bull market support band strongly supports the Bitcoin market in bull cycles. As a result, the analyst is confident that Bitcoin’s price can break through support and recover.
Another aspect highlighted by the expert is global liquidity during previous bull cycles. Currently, global liquidity is closely tied to Bitcoin at a level where it recovered in October 2022 and October 2023, leading to the start of a massive surge in the digital asset markets, which led to a massive rise in the entire cryptocurrency market.
With the macro volatility on Tuesday, MilkyBull stated that Bitcoin is at a crucial juncture for the final local bottom before resuming its rise to the cycle peak. Although the market does not always react to such expectations, the majority of members in the crypto world are calling for a correction to $48,000.
BTC ready for a positive breakout
Another crypto analyst Captain Faibik has also done so spotted the largest cryptocurrency asset undergoing a price recovery in recent times. According to the expert, BTC is currently seeing a bounce backit still moves within the falling wedge formation.
Related reading: Bitcoin Loses Historic Levels, Analyst Says “Reclaim and Bounce, or Die”
Thus, Bitcoin’s bullish investors need to overcome the $61,000 resistance level before the digital asset can break out of this formation. Should BTC successfully break out of this formation, Captain Faibik expects a notable upward move towards $78,000.
Given that BTC already trading above $61,000, all eyes are now on the $78,000 price level. At the time of writing, BTC was at $61,701, indicating an increase of more than 5% in the past day. Data from CoinMarketCap shows that the market capitalization increased by 5%, while trading volume fell by 21%.
Featured image from iStock, chart from Tradingview.com
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