Prominent Analyst Thinks The Bitcoin Macro Bottom Is In, But…?
A prominent analyst suggests Bitcoin may have found its macro bottom around $60,000, but uncertainty remains due to several factors. While repeated bounces from this level indicate buyer interest, geopolitical tensions like the US-Iran conflict and oil price volatility could negatively impact the market. Additionally, Bitcoin's 200-week moving average near $58,000 poses a potential support level that bears might target. The analyst notes similarities to the structure preceding January's crash from $98,000.
However, bullish signals persist, including positive funding rates and reduced selling on major exchanges like Binance. The Coinbase premium has turned negative but is moving, indicating shifting dynamics. The analyst believes that even if another drop occurs, it would likely be limited to retesting $60,000 or briefly wicking down to $56,000, rather than a severe crash. This suggests a potential foundation for longer-term recovery, though caution is still advised due to ongoing market fear and resistance near $74,400.
bitcoinist03/24 11:29
