After an impressive setback, Bitcoin witnessed a remarkable recovery as Wednesday’s close rose from the $61,000 to $67,000 price mark, sparking hopes in the cryptocurrency community that a move higher could be imminent. However, the crypto asset has not quite returned to where it was a week ago, especially since BTC reached a new all-time high last week when it surpassed $73,000.
Bitcoin Correction Has Bottomed
With Bitcoin surpassing its previous record and rising further to set a new peak of $73,000, March was an important month for the cryptocurrency. And after the recent rally, several cryptocurrency experts and traders believe that the recent price correction hit rock bottom.
Crypto analyst and enthusiast, Crypto Jelle has offered a positive prediction regarding Bitcoin’s price action and its upside potential. Their analysis delves into the current state of the BTC price and the possibility of the pullback coming to an end.
According to Crypto Jelle, the average correction “in this bull market is almost 20%.” Meanwhile, the pullback is currently “about 18% deep.” As a result, Jelle believes that “we have probably witnessed the worst of the decline”, suggesting that the price may be ready for a full recovery.
Jelle claims the drop is “expected to bottom out” any time from now. However, this may not happen soon as “these things take time to form,” urging the crypto community not to rush.
The post said:
The average pullback in this bull market is almost 20%. Given that the current recession is only around 18%, the worst is probably behind us. While these things take time to form, the bottom should be close. Don’t rust.
In another publish, Crypto Jelle noted that the market has once again begun “exhibiting signs of a local bottom.” Due to this, the largest cryptocurrency asset by market capitalization There is still “work to do”.
Crypto Jelle predicts that Bitcoin will remain above the $65,300 threshold for the price to “regain the peak of the 2021 bull cycle.” Furthermore, when his prediction comes true, he believes that prices will “shift” in an upward direction before long.
Amount of BTC to buy using the DCA strategy
As Bitcoin continues to struggle, crypto analyst Ali Martinez underlined the amount of BTC to be purchased within specific price levels using the Dollar-Cost Averaging (DCA) strategy.
According to Martinez, when BTC is in the range of $65,130, $64,130, $63,130, and $62,130, investors should buy 0.5 Bitcoin. Meanwhile, at the $61,130, $60,130, $59,130, and $58,130 levels, investors should purchase around 0.65 BTC.
Furthermore, around $57,130, $56,130, $55,130, and $54,130, Martinez advocates acquiring 0.8 BTC. Lastly, a portion of 0.95 BTC should be purchased at around $53,130, $52,130, $51,130 and $50,130.
At the time of writing, Bitcoin is trading at $67,299 in the daily time frame, indicating an increase of over 4%. Its market value increased by 4.97% in the last day, while its trading volume fell by more than 12%.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.