In an ever-evolving world of cryptocurrency markets, deciding the bottom of Bitcoin price correction is an endeavor that attracts interest from both investors and analysts. Joining the fray is cryptocurrency analyst and trader MilkyBull offering insights on the subject, claiming that Bitcoin’s local bottom has developed due to a certain development.
Following its weekend recovery out of bear market territory, the price of Bitcoin slightly decreased on Monday. However, MilkyBull is confident that the recent retracement might be the last before BTC turns to move on the upside.
Bitcoin Local Bottom Is In
According to the expert, given that the next liquidity grab interest is above $64,557, the local bottom for Bitcoin is in. As a result, before moving on to the current all-time high of $73,000, BTC will first clear the $67,000 price level and consolidate. Thus, Bitcoin may eliminate the CME gap below either prior to or subsequent to eliminating the liquidity above $64,975.
Related Reading: Bitcoin Bottom In? Retracement From $73,800 Is Deeper And Took Longer To Form
The CME gap is a price difference that occurs between the Friday closing price and Sunday opening prices of the Chicago Mercantile Exchange (CME) Bitcoin futures market. Therefore, the expert considers this development a good area for long trade, signaling a buying opportunity for BTC bullish investors.
MilkyBull further drew attention to a previous analysis that suggests Bitcoin could be poised for a rally due to historical patterns. The analyst noted that the 2017 price action shows that when BTC breached a new all-time high, there was a healthy retracement that was driven by liquidity before it surged to a cycle peak.
Given that BTC might be mirroring this pattern, MilkyBull’s analysis might suggest that BTC has undergone its last shakeout, and a move on the upside could be imminent. He also confirmed that the present consolidation range was paralleled by the preceding consolidation, which began to materialize from December 2023 to February 2024.
This pattern, identified as a manipulative strategy of the market makers (MMs) by the expert, is meant to remove degenerate Short-Term Holders (STHs), which are particularly vulnerable to price corrections below their cost base.
BTC Correction On The Horizon
While MilkyBull anticipates a rally, market expert Benjamin Cowen expects the leading cryptocurrency asset…
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