Bitcoin Recovery
After a sharp drop, Bitcoin has bounced back, rising from $61,000 to $67,000 on Wednesday. This has sparked optimism that a bullish trend may be on the horizon. However, Bitcoin is still below its all-time high of $73,000 reached last week.
Correction Bottomed Out?
Crypto experts believe that the recent price correction may have hit its bottom. Crypto analyst Crypto Jelle suggests that the average correction in the current bull market is around 20%, while the current pullback is about 18% deep. This leads him to believe that the worst of the drop is likely behind us.
DCA Strategy for Buying Bitcoin
Crypto analyst Ali Martinez recommends using the Dollar-Cost Averaging (DCA) strategy to purchase Bitcoin at specific price levels. He suggests buying 0.5 BTC at prices between $65,130 and $62,130, 0.65 BTC at prices between $61,130 and $58,130, 0.8 BTC at prices between $57,130 and $54,130, and 0.95 BTC at prices between $53,130 and $50,130.
Current Market Status
At the time of writing, Bitcoin is trading at $67,299, up over 4%. Its market cap has increased by 4.97% in the past day, while its trading volume has decreased by over 12%.
