Bitcoin price fell once again just when recovery was within reach.
This leads many analysts to believe a greater dip is yet to come.
Once this new bottom is set, BTC will surge to hit new ATHs.
Bitcoin’s fall from $102,000 to $95,000 in under a day may have lowered the market sentiment, but seasoned traders remain unfazed. The majority of the crypto market remains as bullish as ever and preaches accumulating more BTC while the price is low. Similarly, other positive analysts are sharing signs that support a speedy price recovery.
A Greater Dip for BTC Awaits
https://twitter.com/AxelAdlerJr/status/1876904414826332292
One analyst notices an interesting change in the weekly number of active addresses. In detail, the number of active addresses on the Bitcoin network seems to have dropped to extremely low values after the pioneer crypto asset hit the $101,000 price level yesterday. As we can see from the post above, the analyst goes on to state that this is a bullish pattern that is adjusting to volatility in future markets.
New ATHs After a New Local Bottom
Meanwhile, another analyst shares a chart and explains what’s next for BTC. He says that BTC is at the first crucial support level. As for what will come next, he explains that a majority of liquidity has already been taken out already. However, there are still a lot of leveraged longs that could be liquidated if price falls below $93,000.
https://twitter.com/JavonTM1/status/1876692027745714427
He goes on to conclude that there will likely still be some downsides to the price of Bitcoin, but the chances of BTC hitting a local bottom here are high. Adding to the pump expectations is what the analyst in the above post shares: He expects another rough push of over 10% to come for BTC before the previous ATH is met. He says this possibility remains strong and, once met, will be followed by the arrival of new ATHs.
The post Bitcoin’s Tragic Fall is Just Beginning, Analyst Expects Arrival of New Bottom Before Explosive New BTC ATHs appeared first on Cryptonewsland.
