A cryptocurrency expert has predicted bullish price reversal for Bitcoin, the largest cryptocurrency in the world. The analyst suggested it Bitcoin price may have hit rock bottomwhich potentially signals the beginning of market stabilization after a prolonged period of economic downturn.
Bitcoin price reversal on the horizon
Cryptocurrency expert and Bitcoin analyst Willy Woo addressed X (formerly Twitter) shed lithe ON Current Bitcoin Price Performance and its future prospects once market conditions stabilize. The analyst revealed that there is a high probability that “Bitcoin has broken all price lows” in this market cycle.
A cryptocurrency expert revealed that miners’ capitulation was one of the most reliable indicators for the future price reversal in cryptocurrency, usually ending periods sideways or bearish. Sharing a price chart of Bitcoin’s performance, the analyst said short-term technical data indicates a possible price reversal for the pioneering cryptocurrency.
He revealed that the market is approaching a TD9 reversal signal on the daily candles, which is expected to happen in two hours. The TD9 reversal is a technical indicator that usually signals a possible change in the cryptocurrency’s market trend.
The cryptocurrency expert revealed that if this scenario comes to pass, Bitcoin could start to correct upwards, making up for the recent prices are going down caused by excessive selling by miners and significant liquidations caused by speculators. However, Woo warns that Bitcoin’s Path to Recovery remains uncertain as much of the speculative activity has yet to be removed from the market.
The analyst does revealed that Bitcoin can only recover when feeble miners die and hashrates recover. He too revealed that liquidations were necessary in the event of a vast Bitcoin price pump.
Has BTC bottomed?
Woo suggested in his post that Bitcoin may have reached its peak lowest price. According to CoinMarketCap, the cryptocurrency is currently trading at $61,481, reflecting a 3.86% decline over the past week.
In an earlier post, the cryptocurrency expert revealed: target price for bitcoin of $62,000, indicating that the raise in liquidations has resulted in significant downtrend for Bitcoin. He revealed that the $62,000 threshold was the most optimal price point to flush out excessive leverage in Bitcoin.
However, as speculators continued to open novel long positions, this inadvertently led to more liquidations for the company as Bitcoin price dropped. The long squeeze put additional downward pressure on the cryptocurrency, pushing Woo’s initial price target down to $58,000.
Adding to the market pressure, Woo revealed that the post-halving miner capitalization was ongoing. He revealed that after Bitcoin’s halving on April 20, numerous miners sold their Bitcoin resourcesexacerbating the cryptocurrency’s downward spiral as selling pressure increases.
Solicit revealed that $54,000 could be the next liquidation level for Bitcoin, predicting that if the cryptocurrency reaches these lows, it could potentially send it into a bear market.
Featured image created with Dall.E, chart from Tradingview.com
