Crypto analyst Merlijn has revealed that Bitcoin has just made a resurgence the DCA zoneindicating that it is a good time to buy BTC. The leading crypto is already on a fresh rebound, rising to the psychological $70,000 mark, which has proven to be a key resistance level so far.
Bitcoin re-enters the DCA zone as Price enjoys another rally
In one X messageMerlin stated that Bitcoin just entered the DCA zone on the rainbow map and BTC is now back in the DCA zone. He noted that every time this happened, a huge demonstration followed. At the same time, this is when private investors panicked and sold. The analyst added that this chart has never been wrong.
Related reading
In another X messageMerlin stated that Bitcoin has reached a critical level, especially as it continues to trade within a tight range between $60,000 and $70,000. His accompanying card showed that BTC could recover above $120,000 if it holds this support level. However, there is the possibility of a larger decline if the current range is not maintained.
The analyst also revealed that Bitcoin is mirroring the 2021 summit exactly with the same order, lower highs and the same structure. He noted that 2021 ended with one final flush before the recovery. Merlin said the $60,000 level is the last line of defense, and staying above it would mean buyers taking control. However, a drop below this level would result in liquidity clusters becoming the next target.
Bitcoin had a violent recovery after the last flush below, and the analyst is confident this time will be no different. Crypto analysts such as Benjamin Cowen have predicted that BTC could recover in the second half of this year as part of the four-year cycle.
Peter Brandt predicts a breakout for BTC
Experienced trader Peter Brandt has predicted that Bitcoin could break higher. In one X messagehe said, referring to BTC’s daily and weekly charts, that “the Big Banana is forming a Little Banana – and this indicates a Banana Split is about to occur.” His accompanying chart showed that the flagship crypto could rise to $82,500 in April.
Related reading
In the long term, Brandt predicted that Bitcoin could rise to $120,000 and possibly $280,000. His prediction comes just days later he admitted that BTC may be in the midst of a bullish reversal. The experienced trader said he was looking Bitcoin rises to $74,000 seen at the time as a potentially significant change in price behavior since the peak in October last year.
At the time of writing, the Bitcoin price is trading around $69,900, up over 3% in the past 24 hours. facts from CoinMarketCap.
Featured image of Pngtree, chart from Tradingview.com