After a stunning setback, Bitcoin witnessed a notable recovery late Wednesday, rising from the price of $61,000 to $67,000, raising hopes within the cryptocurrency community that a bullish move could be imminent. However, the crypto asset hasn’t exactly returned to where it was a week ago, especially since BTC hit a new all-time high last week when it rose above $73,000.
Bitcoin correction has bottomed out
With Bitcoin surpassing its previous all-time high and rising even further to reach a new peak of $73,000, March has been a momentous month for the cryptocurrency. And after the recent recovery, several cryptocurrency experts and traders believe that this has happened recently price correction has reached rock bottom.
Crypto analyst and enthusiast, Crypto Jelle is offered a positive prediction regarding Bitcoin’s price action and its potential to go up. His analysis takes a closer look at the current state of BTC’s price and the possibility of an end to the retracement.
According to Crypto Jelle, the average correction in “this bull market is almost 20%.” Meanwhile, the pullback is currently “about 18% deep.” As a result, Jelle believes that “we have most likely witnessed the worst of the decline,” indicating that the price may be ready to make a full recovery.
Jelle claims that from now on the decline “should bottom out”. However, this may not happen anytime soon as “these things take time to form,” urging the crypto community not to rush into it.
The message read:
The average pullback in this bull market is almost 20%. Since the current downturn is only 18% deep, the worst is likely behind us. Although these things take time to form, the bottom should be close. It won’t rust.
In another X afterCrypto Jelle noted that the market is once again “beginning to show signs of a local bottom.” This makes it the largest cryptocurrency asset by market capitalization still has ‘work to do’.
Crypto Jelle expects Bitcoin to remain above the $65,300 threshold so that the price can “regain the peak of the 2021 bull cycle.” Moreover, he believes that if his prediction comes true, prices will rise in an upward direction in no time.
Amount of BTC to purchase using the DCA strategy
As Bitcoin continues to struggle, so has crypto analyst Ali Martinez underlined the amount of BTC to purchase within specific price levels using the Dollar-Cost Averaging (DCA) strategy.
According to Martinez, when BTC is within the range of $65,130, $64,130, $63,130, and $62,130, investors should invest 0.5 BTC. Meanwhile, at the $61,130, $60,130, $59,130, and $58,130 levels, investors should acquire around 0.65 BTC.
Moreover, Martinez advocates around $57,130, $56,130, $55,130, and $54,130 for the acquisition of 0.8 BTC. Finally, a portion of 0.95 BTC should be purchased around $53,130, $52,130, $51,130, and $50,130.
At the time of writing, Bitcoin was trading at $67,299 on the daily time frame, indicating an increase of over 4%. The market capitalization has risen by 4.97% in the past day, while trading volume has fallen by more than 12%.
Featured image from iStock, chart from Tradingview.com
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