Prominent crypto analyst CrediBULL Crypto has suggested that Bitcoin BTC/USD may be on the brink of establishing a bottom at its current levels but it is still “sitting comfortably” above the $60,000 level.
What Happened: CrediBULL Crypto took to X on Tuesday to propose that Bitcoin may have experienced a swing pattern failure (SFP) on the lower time frame after bouncing back from $64,000. SFPs are often viewed by traders as potential reversal points.
“Yes, we can still technically go lower into the “dream long” zone below, but as I’ve previously said it would not surprise me to see that zone front run. That being said, you sell the wife and kids AFTER we get our low timeframe impulse- not before. At this point we are just waiting for that final confirmation to appear (impulse),” CrediBULL Crypto wrote.
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Addressing concerns that bitcoin is seeing a constant downward trend, CrediBULL Crypto explained that bitcoin is still “chilling above the ‘best’ area” and noted that both spot and derivatives data are looking favorable for BTC.
“No doubt in my mind we are forming a bottom here above 60k, just need to be a little patient,” the analyst added.
“The main takeaway right now is that despite the alt blood – BTC is sitting comfortably above $60,000. That should tell you what you need to know and about what's coming."
Why It Matters: This prediction comes after a week of negative trends for Bitcoin. Bitcoin’s price fell 3.56% to $64,662.00 over the past 24 hours, continuing its negative trend over the past week.
On the same day, Bitcoin experienced a substantial drop, leading to the liquidation of over $420 million in long positions within a span of 24 hours. This resulted in 190,144 traders being liquidated, with total liquidations reaching $480.93 million.
Furthermore, a shift of investors towards artificial intelligence might dampen the returns from major cryptocurrencies such as Bitcoin. This shift could potentially impact Bitcoin’s ability to establish a bottom.
Price Action: At the time of writing, BTC was trading at $65,268.64, according to Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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