Analyst: Bitcoin is Forming a Bottom, Presenting a Good Buying Opportunity
BlockBeats News, June 27th. Cryptocurrency analyst Ali Charts posted an article indicating that the Bitcoin chart signal shows the market bottom is forming, and the current period may be one of the best long-term entry points in the past decade. Over the past decade, the 200-week Simple Moving Average (SMA) has been a key benchmark for identifying Bitcoin's cyclical bottoms. Historically, whenever Bitcoin touches or falls below this moving average, it usually marks the beginning of a macro accumulation phase. For example, in August 2015, Bitcoin touched the 200-week SMA, leading to a bull market and a subsequent rise of over 8500%; in December 2018, after testing this moving average, it rebounded by 267%; during the liquidity crisis in March 2020, Bitcoin bounced back by 1125% after validating the 200-week SMA support; in June 2022, Bitcoin first fell below and consolidated below this average until December 2022, then rose by 680% upon reclaiming it.
Currently, the Bitcoin 200-week SMA is at $63,500, while the Bitcoin trading price is around $60,000, slightly below this level. Based on the market history of the past decade, this is considered a major accumulation range for long-term investors.
At the same time, it suggests that Bitcoin may still further drop to $54,000 or even $40,000. Therefore, it recommends staggered buying in the range of $58,000 to $40,000 to establish positions in a technical discount area. The key level to watch is $63,500. Once Bitcoin reclaims the 200-week SMA on high timeframes and confirms it as macro support, historically, this often signifies the early stages of a new bull market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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