Cryptocurrency markets are always changing, so investors and experts are still trying to determine the bottom of Bitcoin’s price correction. In the middle of this ongoing search, cryptocurrency dealer and analyst MilkyBull offers useful information about what might represent the local bottom for Bitcoin, pointing to a major development.
After a rebound over the weekend that took Bitcoin out of the bear market, the cryptocurrency’s price went down a little on Monday. Despite this, MilkyBull is sure that the recent drop in price could be the last one before Bitcoin starts going up again.
Bitcoin’s Bullish Forecast Analyst Foresees Upsurge
The professional’s research shows that Bitcoin has reached its local bottom, mainly because of a certain event. MilkyBull thinks Bitcoin will break through the $67,000 price level and rise to its all-time high of $73,000. The next level of liquidity grab interest is above $64,557. Additionally, the expert suggests that the CME gap below may be closed, pointing to a good area for long trades and a chance for bullish investors to buy.
MilkyBull draws attention to patterns seen in the past by showing how Bitcoin’s price movement now is similar to that of 2017. Following a breach of its all-time high that year, BTC went through a good retracement, driven by liquidity, before starting a big rally. Based on how these trends match past ones, MilkyBull thinks that BTC may have gone through its last shakeout, which could lead to a move to the upside.
But not all experts are as optimistic as MilkyBull. A market expert, Benjamin Cowen, thinks that BTC price will soon drop. Cowen says that the worst result for BTC was 12 days after the halving event when its Return On Investment (ROI) was the lowest. Based on how this cycle has been in the past, Cowen thinks Bitcoin will go down in value next week.
At the time of this writing, BTC was worth $63,970, which is 3% more than it was a week ago. Although its market value has gone down slightly, the number of daily trades has gone up by 40%, which shows that buyers are confident about it.
As Bitcoin’s price continues to go up and down, experts are still not sure what its next move will be. Some people see a bullish recovery, while others see a corrective phase coming soon. Even though people have different views, investors keep a close eye on the market because they want to take advantage of its opportunities.
