{"id":626911,"date":"2024-06-29T02:00:12","date_gmt":"2024-06-29T02:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=626911"},"modified":"2024-06-28T17:08:29","modified_gmt":"2024-06-28T17:08:29","slug":"is-the-bitcoin-bottom-in-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/is-the-bitcoin-bottom-in-price\/","title":{"rendered":"Is The Bitcoin Bottom In? Crypto Expert Predicts Bullish Price Reversal"},"content":{"rendered":"

A crypto expert has predicted a <\/span>bullish price reversal<\/span><\/a> for Bitcoin, the world\u2019s largest cryptocurrency. The analyst suggested that <\/span>Bitcoin\u2019s price may have bottomed in<\/span><\/a>, potentially signaling the start of market stabilization after a prolonged downturn.<\/span><\/p>\n

Bitcoin Price Reversal On The Horizon<\/h2>\n

Crypto expert and Bitcoin analyst, Willy Woo has taken to X (formerly Twitter) to <\/span>shed light<\/span><\/a> on <\/span>Bitcoin\u2019s current price performance<\/span><\/a> and its future outlook as market conditions stabilize. The analyst disclosed that there may be a good chance that \u201cBitcoin has cleared all price lows\u201d for this market cycle.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52%<\/a><\/div>\n

The crypto expert disclosed that miner capitulation was one of the most reliable indicators for a subsequent <\/span>price reversal<\/span><\/a> in a cryptocurrency, typically ending periods of <\/span>sideways or bearishness<\/span><\/a>. Sharing a price chart of Bitcoin\u2019s performance, the analyst has stated that short-term technicals point to a possible price reversal for the pioneer cryptocurrency.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

He disclosed that the market was approaching a TD9 reversal signal on the daily candles, which is expected to occur in two hours. A TD9 reversal is a technical indicator that usually signals a possible change in a cryptocurrency\u2019s market trend.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

The crypto expert has revealed that if this scenario plays out, Bitcoin could start correcting upwards, compensating for the recent <\/span>price declines <\/span><\/a>triggered by excessive selling from miners and significant liquidations driven by speculators. However, Woo has cautioned that <\/span>Bitcoin\u2019s path to recovery<\/span><\/a> remains uncertain, as substantial speculative activity still needs to be flushed out of the market.<\/span><\/p>\n

The analyst has <\/span>revealed<\/span><\/a> that Bitcoin can only recover when weak miners die and hash rates recover. He also <\/span>disclosed<\/span><\/a> that liquidations were necessary for a major price pump in Bitcoin.\u00a0<\/span><\/p>\n

Is BTC’s Bottom In?<\/h2>\n

Woo suggested in his post that Bitcoin may have reached its <\/span>bottom price<\/span><\/a>. The cryptocurrency is currently trading at $61,481, reflecting a 3.86% decline over the past week, according to CoinMarketCap.<\/span><\/p>\n

In an earlier post, the crypto expert disclosed a <\/span>price target for Bitcoin<\/span><\/a> at $62,000, highlighting that an increase in liquidations has triggered substantial <\/span>downward momentum for Bitcoin<\/span><\/a>. He revealed that the $62,000 threshold was the most optimal price point to flush out excessive leverage in Bitcoin.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

However, as speculators continued to open new long positions, it inadvertently led to more liquidations as <\/span>Bitcoin\u2019s price fell<\/span><\/a>. The long squeeze triggered additional downward pressure for the cryptocurrency, pushing Woo\u2019s initial price target down towards $58,000.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Says \u2018XRP Is In Trouble,\u2019 Here\u2019s Why<\/a><\/div>\n

Adding to the market pressure, Woo disclosed that a post-halving miner\u2019s capitalization was ongoing. He disclosed that after Bitcoin\u2019s halving event on April 20, numerous <\/span>miners sold off their Bitcoin holdings<\/span><\/a>, exacerbating the cryptocurrency\u2019s downward spiral as selling pressures increased.\u00a0<\/span><\/p>\n

Woo <\/span>revealed<\/span><\/a> that $54,000 may be the next layer of liquidations for Bitcoin, predicting that if the cryptocurrency reaches these lows, it could potentially tip it into a bearish phase.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC bulls battle with bears | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n

 <\/p>\n

Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A crypto expert has predicted a bullish price reversal for Bitcoin, the world\u2019s largest cryptocurrency. The analyst suggested that Bitcoin\u2019s price may have bottomed in, potentially signaling the start of market stabilization after a prolonged downturn. Bitcoin Price Reversal On The Horizon Crypto expert and Bitcoin analyst, Willy Woo has taken to X (formerly Twitter) to shed light on Bitcoin\u2019s current price performance and its future outlook as market conditions stabilize. The analyst disclosed that there may be a good chance that \u201cBitcoin has cleared all price lows\u201d for this market cycle.\u00a0 Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% The crypto expert disclosed that miner capitulation was one of the most reliable indicators for a subsequent price reversal in a cryptocurrency, typically ending periods of sideways or bearishness. Sharing a price chart of Bitcoin\u2019s performance, the analyst has stated that short-term technicals point to a possible price reversal for the pioneer cryptocurrency.\u00a0 He disclosed that the market was approaching a TD9 reversal signal on the daily candles, which is expected to occur in two hours. A TD9 reversal is a technical indicator that usually signals a possible change in a cryptocurrency\u2019s market trend.\u00a0 The crypto expert has revealed that if this scenario plays out, Bitcoin could start correcting upwards, compensating for the recent price declines triggered by excessive selling from miners and significant liquidations driven by speculators. However, Woo has cautioned that Bitcoin\u2019s path to recovery remains uncertain, as substantial speculative activity still needs to be flushed out of the market. The analyst has revealed that Bitcoin can only recover when weak miners die and hash rates recover. He also disclosed that liquidations were necessary for a major price pump in Bitcoin.\u00a0 Is BTC’s Bottom In? Woo suggested in his post that Bitcoin may have reached its bottom price. The cryptocurrency is currently trading at $61,481, reflecting a 3.86% decline over the past week, according to CoinMarketCap. In an earlier post, the crypto expert disclosed a price target for Bitcoin at $62,000, highlighting that an increase in liquidations has triggered substantial downward momentum for Bitcoin. He revealed that the $62,000 threshold was the most optimal price point to flush out excessive leverage in Bitcoin.\u00a0 However, as speculators continued to open new long positions, it inadvertently led to more liquidations as Bitcoin\u2019s price fell. The long squeeze triggered additional downward pressure for the cryptocurrency, pushing Woo\u2019s initial price target down towards $58,000.\u00a0 Related Reading: Crypto Analyst Says \u2018XRP Is In Trouble,\u2019 Here\u2019s Why Adding to the market pressure, Woo disclosed that a post-halving miner\u2019s capitalization was ongoing. He disclosed that after Bitcoin\u2019s halving event on April 20, numerous miners sold off their Bitcoin holdings, exacerbating the cryptocurrency\u2019s downward spiral as selling pressures increased.\u00a0 Woo revealed that $54,000 may be the next layer of liquidations for Bitcoin, predicting that if the cryptocurrency reaches these lows, it could potentially tip it into a bearish phase.\u00a0   Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":626925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-626911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nIs The Bitcoin Bottom In? 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is The Bitcoin Bottom In? 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