Analyst’s Insights
Crypto Rover, a crypto analyst, predicts that if Bitcoin drops below $58,000, it could signal a breakdown. However, he believes there’s enough liquidity in the market to help Bitcoin recover above $60,000.
Optimism for Recovery
Rover remains optimistic about Bitcoin’s recovery, stating that he would buy long positions if it drops between $57,000 and $60,000. He sees Bitcoin in a consolidation phase, which will eventually lead to a significant breakout.
Negative Funding Rates
Rover points out that negative funding rates, as seen currently, have historically been a buying opportunity for Bitcoin.
Big Gains to Come
According to Rover, Bitcoin’s biggest gains typically come after the halving event, which reduces the supply of new Bitcoins. He believes the halving will trigger a rise to $100,000 due to increased scarcity and demand.
Timing Considerations
However, the price surge may not be immediate, as Bitcoin’s price tends to increase 6 to 12 months after the halving.
