{"id":606049,"date":"2024-05-01T22:00:04","date_gmt":"2024-05-01T22:00:04","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=606049"},"modified":"2024-06-11T09:00:25","modified_gmt":"2024-06-11T09:00:25","slug":"is-this-cycles-bitcoin-bottom-in-analysts-forecast-btc-bounce-back","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/is-this-cycles-bitcoin-bottom-in-analysts-forecast-btc-bounce-back\/","title":{"rendered":"Is This Cycle\u2019s Bitcoin Bottom In? Analysts Forecast BTC Bounce Back"},"content":{"rendered":"

As May 1st started, Bitcoin (BTC) faced a new correction that made the price stumble under the $60,000 support level. The flagship cryptocurrency has seen several retraces during this bull cycle, with BTC swiftly recovering the crucial support zones each time.<\/p>\n

However, in the past 24 hours, the largest cryptocurrency by market capitalization has struggled to regain its momentum. Some analysts believe Bitcoin\u2019s bottom this cycle might be in as this correction officially became its deepest retrace.<\/p>\n

Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months<\/a><\/div>\n

Is The Bitcoin Bottom Here?<\/h2>\n

In the early hours of Tuesday, Bitcoin started to plunge<\/a> from the $64,000 price range. As the day continued, BTC prolonged its fall to briefly trading around $59,958 – $59,191 before recovering.<\/p>\n

This time, the recovery didn\u2019t last long as Bitcoin\u2019s price resumed its downward trajectory to $57,000. In an X thread, crypto trader Milkybull examined<\/a> some data suggesting the bottom might finally be in.<\/p>\n

According to the analyst, BTC is \u201cfollowing the 2017 PA.\u201d This would suggest that \u201ceither the bottom is in or close.\u201d Moreover, he urged investors to remember that while good news \u201cusually signals the top,\u201d bad news signals a bull market\u2019s bottom.<\/p>\n

In the thread, the trader pointed out that the Bitcoin Bull Market Support Band indicator historically serves strong support during BTC\u2019s bull cycles. As a result, he considers that the flagship cryptocurrency<\/a> might \u201cwick through the support and bounce back.\u201d<\/p>\n

\"Bitcoin,<\/p>\n

2024's Bitcoin Bull Market Support Band indicator resembling 2017's. Source: MilkybullCrypto on X<\/a><\/pre>\n
According to the analyst, Bitcoin and global liquidity are also strongly correlated, with BTC currently at a level it has previously bounced back from. These bouncebacks initiated \u201chuge rallies across the crypto market\u201d in October 2022 and October 2023.<\/p>\n
Lastly, the thread highlighted that Bitcoin \u201cis at a critical decision point for the local bottom.\u201d The trader considers that while some call for a $48,000 bottom, the $51,000 support level might be where BTC bounces back to resume its cycle to this cycle\u2019s top.<\/p>\n
Bitcoin\u2019s Deepest Retrace This Cycle<\/h2>\n
According to crypto analyst and trader Rekt Capital, this correction has officially been the deepest BTC retrace this cycle. Per the post<\/a>, today\u2019s -23.64% retrace surpasses the -22.91% retrace seen in February 2023.<\/p>\n
The analyst also compared this cycle\u2019s \u201cPost-Halving\u201d pullback to 2016\u2019s. Moreover, the trader considers that this bullish cycle might be more similar to the 2016 one than investors think.<\/p>\n
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#BTC<\/a> <\/p>\n
We are here (orange circle)<\/p>\n
And we've seen Post-Halving pullbacks like this in the past (e.g. 2016)$BTC<\/a> #Bitcoin<\/a> #BitcoinHalving<\/a> pic.twitter.com\/OvOcmJTzFk<\/a><\/p>\n
— Rekt Capital (@rektcapital) May 1, 2024<\/a><\/p><\/blockquote>\n