A cryptocurrency expert has predicted a reversal in the price gains for bitcoin, the world's largest cryptocurrency. The analyst said bitcoin's price may have bottomed, which could signal the beginning of stabilization in the market after a long slump.
Bitcoin price is about to reverse
Crypto expert and Bitcoin analyst Willy Wu expounded on Bitcoin’s current price performance and its future prospects as market conditions stabilize on X (formerly Twitter). The analyst revealed that Bitcoin has a high chance of “breaking all the price lows of this market cycle.”
The cryptocurrency expert revealed that miner capitulation is one of the most reliable indicators of a subsequent price reversal in cryptocurrencies, often marking the end of a consolidation or bearish phase. He also shared a price chart of Bitcoin’s performance, showing that short-term technical indicators suggest a possible price reversal for the leading cryptocurrency.
He revealed that the market is approaching a TD9 reversal signal on the daily chart, which is expected to appear within two hours. A TD9 reversal is a technical indicator that often indicates a possible change in the trend of the cryptocurrency market. The cryptocurrency expert revealed that if the situation goes as he predicts, Bitcoin may begin to correct upward, making up for the recent price decline caused by excessive selling by miners and large liquidations driven by speculators. However, Wu warned that Bitcoin's path to recovery remains uncertain as the market still needs to clear a lot of speculation.
The analyst revealed that Bitcoin can only recover when weak miners exit and the hash rate recovers. He also revealed that liquidation is a necessary condition for a sharp rise in Bitcoin prices. Has BTC bottomed out? Wu hinted in his post that Bitcoin may have bottomed out. According to CoinMarketCap, Bitcoin is currently trading at $61,481, down 3.86% over the past week. The layout is ongoing, communication +: GOOOKOOOY welcomes everyone to actively participate and come together to witness the moment of miracle
In an earlier post, the cryptocurrency expert revealed that Bitcoin’s price target is $62,000, emphasizing that increased liquidations have triggered a sharp drop in Bitcoin. He revealed that $62,000 is the best price point to eliminate excessive leverage in Bitcoin.
However, as speculators continued to open new long positions, Bitcoin prices fell, inadvertently leading to more liquidations. The long squeeze added additional downward pressure on the cryptocurrency, thereby adjusting Wu’s original price target to $58,000.
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