Local Bottom Reached?
Crypto analyst MilkyBull believes Bitcoin’s local bottom has been reached. He points to the fact that the next major resistance level is at $64,557. Before hitting its all-time high of $73,000, BTC will likely clear $67,000 and consolidate.
Historical Patterns
MilkyBull also notes that Bitcoin’s price action in 2017 suggests a similar pattern. After breaking a new all-time high, there was a significant retracement before a surge to a cycle peak. This pattern suggests that Bitcoin may have completed its latest shakeout and is poised for an upward move.
Manipulative Consolidation
The current consolidation range is similar to the one seen from December 2023 to February 2024. MilkyBull believes this is a manipulative strategy used by market makers to remove short-term holders who are vulnerable to price corrections below their cost base.
Correction on the Horizon?
While MilkyBull is optimistic, market expert Benjamin Cowen expects a drop in Bitcoin’s price in the coming days. He points to Bitcoin’s poor Return On Investment (ROI) 12 days after the Bitcoin Halving event. Cowen believes this is a sign that BTC will decline in the coming week.
Current Market Conditions
At the time of writing, Bitcoin is trading at $63,970, up over 3% in the past week. Its market cap is down slightly, but its daily trading volume has increased by 40%.
