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Bitcoin expert Willy Woo suggests that the worst of the current Bitcoin sell-off may be behind us, hinting at an impending recovery phase. However, he cautions that it might take a few weeks before a bullish trend fully materializes.
Key factors contributing to this potential turnaround include the upcoming Bitcoin halving and the extended period of Bitcoin's consolidation near its historical highs. This consolidation phase facilitates increased trading activity among investors, potentially establishing robust support levels.
Nevertheless, breaching the $59k support level could trigger a bearish trend if substantial liquidation occurs. Technically, Bitcoin needs to surpass the recent resistance at $68,000 to confirm a sustained upward trajectory.
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