Cryptocurrency analyst Crypto Rover pointed to the trend line below which Bitcoin has never broken in every market cycle. Leading cryptocurrencies have now touched this trend line, providing optimism that they can bounce back from this level as they did previously. Bear courses.
Bitcoin is touching a trend line that has led to parabolic highs
in Share XCrypto Rover revealed that Bitcoin has once again touched a trend line below which it has never broken in 9 years. instead of, BTC saw parabolic rises When it touches this trend line. In 2017, it rose 1,300% after touching this trend line. In 2018, it rose 1,900% after touching it. In 2020, it rose another 1,900% after touching. Bitcoin saw another 700% parabolic rally after touching this trend line in 2022.
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Now, Bitcoin has touched this trend line again, providing optimism that it can bounce back from this area as it did in past sessions. However, in another Share XCrypto Rover suggested that BTC has not yet found a bottom and could fall below $60,000 before hitting the bottom. This came as the analyst indicated The real price of BTC.
He noted that the realized price for short-term holders (STH) was reached at US$74,000, but the realized price was US$53,600 and the realized price was US$53,600. Long term owners (LTH) The achieved price of $50,000 has not been reached. Crypto Rover added that every previous cycle low traded below the realized price and every major influx crossed the LTH line. As such, Bitcoin is still likely to see another downward move before hitting a bottom.
Bitcoin is also at risk of another decline with… The American-Iranian war Escalation again. The United States carried out strikes against military targets in Iran, leading to retaliatory attacks against US military bases in the Gulf region.
A drop below $50,000 is also possible
Cryptographic analyzer Ali Martinez pointed out That Bitcoin may still fall below $50,000. This came as he indicated that the investor’s price currently stands at $48,300. He said this level is a key area he is monitoring Long-term accumulation. The analyst described this metric as one of the most important on-chain BTC metrics.
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This metric measures the average acquisition price of all bitcoins in economic circulation, while permanently filtering out missing coins to provide a more realistic market-wide cost basis, Martinez explained. However, it is worth noting that the analyst previously said that there are signs that BTC is about to reach the bottom of the market. Indicated 1.0-0.8 MVRV domainswhich correspond to $53,900 and $43,150.
At the time of writing, Bitcoin is trading at around $62,600, rising over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Getty Images, chart from Tradingview.com
