A cryptography expert predicted a bullish price reversal for Bitcoin, the world’s largest cryptocurrency. The analyst suggested that Bitcoin price may have bottomedpotentially signaling the beginning of market stabilization after a prolonged recession.
Bitcoin Price Reversal on the Horizon
Crypto expert and Bitcoin analyst Willy Woo took to X (formerly Twitter) to shed light about Current Bitcoin Price Performance and its future prospects as market conditions stabilize. The analyst revealed that there may be a good chance that “Bitcoin has overcome all price lows” for this market cycle.
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The crypto expert revealed that miners’ capitulation was one of the most reliable indicators for a subsequent future. price reversal in a cryptocurrency, typically ending periods of sideways or low. Sharing a price chart of Bitcoin’s performance, the analyst stated that short-term technical data points to a possible price reversal for the pioneering cryptocurrency.
![Is Bitcoin bottoming? Crypto Expert Predicts Bullish Price Reversal 1 Bitcoin 1](https://thegurumedia.com/wp-content/uploads/2024/06/Bitcoin-1-3.jpeg)
He disclosed that the market is approaching the TD9 reversal signal on the daily candles, which should occur in two hours. A TD9 reversal is a technical indicator that usually signals a possible change in a cryptocurrency’s market trend.
![Is Bitcoin bottoming? Crypto Expert Predicts Bullish Price Reversal 2 Bitcoin2](https://thegurumedia.com/wp-content/uploads/2024/06/Bitcoin-2-4.jpeg)
The crypto expert revealed that if this scenario comes to fruition, Bitcoin could begin to correct upwards, offsetting the recent price drops Caused by excessive miner sales and significant liquidations driven by speculators. However, Woo warned that Bitcoin’s Road to Recovery remains uncertain as substantial speculative activity still needs to be eliminated from the market.
The analyst has revealed that Bitcoin can only recover when weak miners die and hash rates recover. He too released that liquidations were necessary for a major price pump in Bitcoin.
Is BTC bottoming?
Woo suggested in his post that Bitcoin may have reached its low price. The cryptocurrency is currently trading at $61,481, reflecting a 3.86% drop in the past week, according to CoinMarketCap.
In a previous post, the crypto expert released a target price for Bitcoin at US$62,000, highlighting that an increase in settlements triggered downward momentum for Bitcoin. He revealed that the $62,000 cap was the ideal price to eliminate Bitcoin’s excessive leverage.
![Is Bitcoin bottoming? Crypto Expert Predicts Bullish Price Reversal 3 Bitcoin3](https://thegurumedia.com/wp-content/uploads/2024/06/Bitcoin-3.jpeg)
However, as speculators continued to open new long positions, this inadvertently led to more liquidations as Bitcoin price has fallen. The long squeeze triggered additional downward pressure for the cryptocurrency, pushing Woo’s initial price target down to $58,000.
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Adding to market pressure, Woo revealed that the mining company’s post-halving capitalization was underway. He revealed that following the Bitcoin halving on April 20, several miners sold their Bitcoin holdingsexacerbating the cryptocurrency’s downward spiral as selling pressures mounted.
Wow revealed that $54,000 could be the next layer of liquidations for Bitcoin, predicting that if the cryptocurrency reaches these lows, it could potentially take it into a bearish phase.
Featured image created with Dall.E, chart from Tradingview.com