Bitcoin Triggering Market Anxiety
Cryptocurrency analyst MilkyBull predicts that the Bitcoin price will continue to decline before it rebounds. He believes that the current price drop has caused outflows from Blackrock iShares Bitcoin Trust, a sign of fear in the market. MilkyBull also notes that historically, negative news often precedes a Bitcoin market bottom.
Technical Analysis
MilkyBull compares Bitcoin’s current price action to its 2017 cycle, suggesting that it may have reached or nearly reached its bottom. He also highlights the importance of the bull market support band and believes that Bitcoin may bounce back after wicking through it.
Global Liquidity and Market Sentiment
MilkyBull points out that global liquidity has historically played a role in Bitcoin’s bull cycles. He believes that the recent recovery in global liquidity could lead to a surge in the cryptocurrency market.
BTC Poised for a Breakout
Another analyst, Captain Faibik, observes that Bitcoin is currently in a falling wedge formation. He predicts that a breakout above $61,000 could lead to a significant move towards $78,000.
Current Market Situation
At the time of writing, Bitcoin is trading above $61,000, with a market cap increase of 5% and a trading volume decrease of 21%.
