After a stunning retrace, Bitcoin witnessed a notable recovery as Wednesday closes rising from the $61,000 price mark to $67,000, triggering hopes within the cryptocurrency community that a bullish movement might be imminent. However, the crypto asset has not exactly returned to the point it was a week ago, especially since BTC reached a new all-time high last week when it surged beyond $73,000.
Bitcoin Correction Has Bottomed Out
With Bitcoin surpassing its previous all-time high and rising even further to set a new peak of $73,000, March has been a momentous month for the cryptocurrency. And following the recent recovery, several cryptocurrency experts and traders believe that the recent price correction has reached rock bottom.
Crypto analyst and enthusiast, Crypto Jelle has offered a positive prediction regarding the price action of Bitcoin and its potential to move upward. His analysis delves into the current state of BTC’s price and the possibility of the retracement coming to an end.
According to Crypto Jelle, the average correction in “this bull market is almost 20%.” Meanwhile, the pullback is “roughly 18% deep” presently. As a result, Jelle believes that “we have most likely witnessed the worst of the drop,” suggesting that the price might be ready to undergo full recovery.Â
Jelle claims that the fall “should be bottoming out” any moment from now. However, this might not be happening soon, since “these things take time to form,” urging the crypto community not to rush it.
The post read:
The average pullback in this bull market is almost 20%. Since the current downturn is just about 18% deep, the worst is most likely behind us. Although these things take time to form, the bottom should be close. Do not rust it.
In another X post, Crypto Jelle noted that the market has once again begun to “display signs of a local bottom.” Due to this, the largest cryptocurrency asset by market cap still has “work to do.”
Crypto Jelle anticipates Bitcoin to hold above the $65,300 threshold, in order for the price to “regain that 2021 bull cycle peak.” Additionally, when his forecast takes place, he believes that prices “will be off” in the upward direction in no time.
Amount Of BTC To Buy Using DCA Strategy
As Bitcoin continues to struggle, crypto analyst Ali Martinez has underlined the amount of BTC to purchase within specific price levels using the Dollar-Cost Averaging (DCA) strategy.
According to Martinez, when BTC is within the range of $65,130, $64,130, $63,130, and $62,130, investors should buy 0.5 BTC. Meanwhile, at the $61,130, $60,130, $59,130, and $58,130 levels, investors should acquire about 0.65 BTC.
Furthermore, around $57,130, $56,130, $55,130, and $54,130, Martinez advocates the acquisition of 0.8 BTC. Lastly, a portion of 0.95 BTC should be purchased around $53,130, $52,130, $51,130, and $50,130.
At the time of writing, Bitcoin was trading at $67,299 on the daily timeframe, indicating an increase of over 4%. Its market cap has risen by 4.97% in the past day, while its trading volume is down by over 12%.
Featured image from iStock, chart from Tradingview.com
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