As Bitcoin ($BTC) trying to regain key areas of resistance, but analysts say $BTC‘s two-month decline could be weeks away, potentially opening up a “generational opportunity” before the next bull market.
The end of Bitcoin consolidation could be weeks away
On Monday, Bitcoin rose 5% from Sunday’s lows, reaching a significant level for the first time since April. Notably, the flagship cryptocurrency has been trading between $62,000 and $74,000 for the past two months, but has not touched the upper end of that range since late March.
now, $BTC has retested the $69,000 to $70,000 resistance area, which could be the preparation for an important short-term move. Market observer Ted Pillows said if the cryptocurrency regains this zone, a rally toward $72,000 to $74,000 could occur.
On the other hand, if it is rejected, Bitcoin will likely fall to the $65,000-$66,000 support zone, where the price has been held for the past month. In his analysis of
According to the post, “URPD shows you exactly where everything is. $BTC “As long as we are trading here, millions of holders will be incentivized to protect their ‘buy-in’, creating a natural floor,” he added.
Nevertheless, analyst Max Krypto asserted: $BTC“A decision is very close,” suggests the next big move could unfold in the coming weeks, based on historical price action.
As he explained, the major cryptocurrencies have performed similarly over the past year, holding for 8 to 15 weeks before the last four big moves. This time, Bitcoin has been sideways for eight weeks, entering its ninth consolidation week on Monday.
Based on its performance so far, market watchers think:$BTCRegardless of US-Iran talks, the next big move is likely to occur by mid-April, and will likely be on the downside. ”
where is it $BTCDid you find the final support for?
In his X post, Martinez also analyzed multiple patterns and on-chain metrics to develop a plan. $BTChigh probability accumulation zone and potential bottom price.
In particular, he emphasized that Bitcoin is approaching the most important support floor since 2017, the uptrend line that has protected the price for nine years, and that any retests are preceded by a parabolic expansion.
This trend line is currently near the $60,000 and $56,000 levels, and if this trend holds, it could be a “potential launchpad for the next major bullish cycle.”
Additionally, he outlined three indicators that may indicate the “line in the sand” and the best buying opportunity. $BTC: Cumulative Days of Value Destruction (CVDD), MVRV Price Range, and Long Term Holder (LTH) Realized Price.
CVDD, “Tracking When ‘Old Hands’ Pass” $BTC Forming the structural basis of the entire market for new buyers” is currently priced at approximately $47,960. Meanwhile, the MVRV 0.8 band, located at approximately $43,647, has historically marked the bottom and “right in the zone.” $BTC Sellers become exhausted and “strong hands” take over supply. ”
Finally, Martinez noted that the LTH realized price, currently at $49,387, is often the final support. However, he added that if the price falls below this level, he believes it is a “generational buy” level, “particularly if it reaches the -0.2 standard deviation band at $36,657, indicating the final capitulation stage.”
