Analyst Crypto Banter, in his latest analysis, discussed the recent market trend. He said that usually, after a period of decline, there’s a pre-halving dump, sometimes occurring shortly after the halving event within approximately two months or eight weeks. Choppy price movements and shakeouts characterize this phase.
Analyzing the Pre-Halving Dump
As for whether the dip has ended or is nearing its conclusion, he said that recent data regarding Tether minting another billion dollars worth of tokens suggests a potential turnaround. Historical data shows that such injections into the market often coincide with significant market bottoms. This pattern is especially evident now, with Tether’s aggressive printing surpassing previous instances like the FTX collapse.
He said to keep an eye on trading volume because we’ll need more activity to push prices up from these lows. He advised expecting the price to stay within a certain range. On longer timeframes, it’s clear that this range is roughly between $50,000 and $77,000. The analyst said that it is currently around the middle of that range. Prices might drop a bit further, but if they don’t consistently fall below $59,000, there’s still a chance to buy in and profit from the dip.
Strategic Buy Levels
He also mentioned that even if prices drop to around $52,000, it’s still a good opportunity to buy because it aligns with a key indicator, the 21 exponential moving average on longer timeframes.
The analyst said, “So the short cross below the medium time frame moving average means you have to look to the next moving average, which is your high time frame, coming in as support. It’s constantly rising every five days, which is obviously a good thing because that means the validation zone becomes higher and higher. Ultimately, around that $52 to $54k level is fair game if you do see another drop. That will be the zone to pick up more Bitcoin.”
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