- In the ever-changing landscape of cryptocurrency markets, predicting the bottom of Bitcoin price correction is a task that piques the interest of investors and analysts alike. Notably, cryptocurrency analyst and trader MilkyBull has offered his insights on the matter, suggesting that Bitcoin’s local bottom has been established due to a specific development.
- Despite a slight decrease in the price of Bitcoin on Monday following its weekend recovery from bear market territory, MilkyBull remains confident that the recent retracement could be the last before BTC begins its upward trajectory.
- According to the expert, given that the next liquidity grab interest is above $64,557, the local bottom for Bitcoin is in. As a result, before moving on to the current all-time high of $73,000, BTC will first clear the $67,000 price level and consolidate. Thus, Bitcoin may eliminate the CME gap below either prior to or subsequent to eliminating the liquidity above $64,975.
Bitcoin’s local bottom is in, and a rally could be imminent, according to cryptocurrency analyst MilkyBull. However, market expert Benjamin Cowen expects a drop in the leading cryptocurrency asset in the coming days.
Bitcoin Local Bottom Is In
Given that the next liquidity grab interest is above $64,557, the local bottom for Bitcoin is in, according to MilkyBull. As a result, before moving on to the current all-time high of $73,000, BTC will first clear the $67,000 price level and consolidate. Thus, Bitcoin may eliminate the CME gap below either prior to or subsequent to eliminating the liquidity above $64,975.
The CME Gap and Its Implications
The CME gap is a price difference that occurs between the Friday closing price and Sunday opening prices of the Chicago Mercantile Exchange (CME) Bitcoin futures market. Therefore, the expert considers this development a good area for long trade, signaling a buying opportunity for BTC bullish investors.
BTC Correction On The Horizon
While MilkyBull anticipates a rally, market expert Benjamin Cowen expects the leading cryptocurrency asset to drop in the upcoming days. Last week, Cowen claimed BTC’s Return On Investment (ROI) 12 days after the Bitcoin Halving event was the worst performance that the asset has experienced. According to Cowen, this is reasonable as it is the first time BTC is reaching a new all-time high before the Halving.
Conclusion
As the world of cryptocurrency continues to evolve, predicting the bottom of Bitcoin price correction remains a task that interests investors and analysts. While MilkyBull suggests that Bitcoin’s local bottom is in and a rally could be imminent, Benjamin Cowen expects a drop in the leading cryptocurrency asset in the coming days. As always, investors are advised to conduct their own research before making any investment decisions.
