In recent days, Bitcoin experienced a remarkable recovery, climbing from the $61,000 price level to $67,000 as Wednesday came to a close. This surge in price has sparked optimism among cryptocurrency enthusiasts, who are hopeful that a bullish movement could be on the horizon. However, it is important to note that Bitcoin has not yet returned to its previous highs, especially considering that it reached a new all-time high just last week when it surpassed $73,000.
March has been a momentous month for the cryptocurrency, with Bitcoin breaking its previous records and reaching new peaks. Following the recent recovery, many cryptocurrency experts and traders are of the opinion that the recent price correction has hit rock bottom. One such analyst, Crypto Jelle, has offered a positive prediction regarding the future price action of Bitcoin and its potential for further upward movement.
According to Crypto Jelle, the current average correction in this bull market is approximately 20%, with the pullback at the moment being around 18% deep. Based on these figures, Jelle believes that the worst of the drop is likely behind us and that the price may be primed for a full recovery. While Jelle acknowledges that these processes take time to unfold, he suggests that the bottom could be near and urges the crypto community to exercise patience.
In a recent post, Crypto Jelle observed that the market is showing signs of a local bottom, indicating that there is still work to be done before Bitcoin can fully recover. He anticipates that Bitcoin will need to hold above the $65,300 threshold in order to reclaim its 2021 bull cycle peak. Once this milestone is achieved, Jelle predicts that prices will begin to trend upward rapidly.
As Bitcoin grapples with its price fluctuations, crypto analyst Ali Martinez has outlined specific price levels at which investors should consider purchasing BTC using the Dollar-Cost Averaging (DCA) strategy. Martinez recommends buying 0.5 BTC when the price is within the range of $65,130 to $62,130, and increasing this amount incrementally as the price drops further.
At the time of writing, Bitcoin was trading at $67,299 on the daily timeframe, signaling a 4% increase in price. Its market capitalization has also risen by nearly 5% in the past day, although trading volume has decreased by over 12%. It is evident that the cryptocurrency market is highly volatile and subject to rapid fluctuations.
The recent surge in Bitcoin prices has instilled hope and optimism within the cryptocurrency community. While the market continues to exhibit signs of volatility, analysts like Crypto Jelle and Ali Martinez offer valuable insights and predictions on the future price action of Bitcoin. As investors navigate these uncertain waters, it is important to conduct thorough research and exercise caution when making investment decisions. The road to recovery may be arduous, but with careful planning and strategic investments, it is possible to weather the storm and emerge stronger on the other side.