Cryptocurrency expert Vivek revealed that Bitcoin entered a buy zone that led to parabolic highs in the previous period Taurus cycles. This comes as analysts expect Bitcoin risks to decline to the psychological level of $70,000, with the leading cryptocurrencies showing weakness on lower time frames.
Bitcoin is entering a historical buy zone that has led to parabolic highs
in Share XVivek stated that Bitcoin entered the best buy zone for this cycle, similar to the buy zones in 2018 and 2022. Bear coursesBefore BTC rose by 1,700% and 660% respectively. The critic declared that the parabolic rise was next, since the same setup had appeared again.
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Bitcoin has entered this buy zone after its recent decline to the sub-$70,000 range The United States and Iran They have not yet reached a peace agreement. Cryptographic analyzer Altcoin Sherpa stated That BTC does not give it much confidence on lower time frames at this level. He added that he was hoping for a rebound, but that the leading cryptocurrency was still likely to fall to $70,000 or even lower after that.
Bitcoin rose significantly above $73,000 yesterday after that Statement by President Donald Trump That naval blockade is on Strait of Hormuz It will be uploaded. BTC also rose as the president said he was about to make a decision on the draft agreement between the US and Iran. But Trump failed to announce his final decision on the agreement. Iran also confirmed the existence of the draft agreement, but has not yet ratified it. A potential deal between the US and Iran is bullish for Bitcoin and the broader cryptocurrency market, as it would ease inflationary pressures caused by the war.
The analyst repeats the bear market thesis
in Share XCryptocurrency analyst Colin reiterated his Bitcoin bear market thesis, noting that Bitcoin has always fallen by 77% or more from peak to peak. Bear the bottom of the market. He noted that the 70% drop means Bitcoin could fall to $38,000 from its October high of $126,000. The analyst added that any bear market bottom above $40,000 would be very bullish, because it would be better than the previous bear market bottom.
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In another Share XHe opined that the delayed effect of very low oil reserves may be what drags the price of Bitcoin down later. The analyst also predicted that the next local top of the S&P 500 will be marked by a breakout in oil prices. Colin noted that the effects of this take time The American-Iranian war To be distilled and felt by the everyday person.
At the time of writing, Bitcoin is trading at around $73,300, down over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Pixabay, chart from Tradingview.com
