The crypto space appears to have switched to a recovery mode as the Bitcoin price marked levels beyond $17,000. While the bears continue to mount significant pressure, the tokens continue to hold above the lower support. However, the ongoing upswing is expected to prevail only for a while as the asset remains bearish in the longer timeframe.
A famous analyst, Willy Woo marks some resemblance in the previous rallies in 2015 and 2018. Based on the price trends then, he keeps some levels, that he believes the token could reach in the coming days. In an interview with Scott Melker, Woo says that Bitcoin has just begun with a sideway trend as the buyers have stepped in to hold above the support.
“It’s that time in the cycle really that the accumulation does come in, right? People buy, they put a floor on the price, the volatility drops. And we saw that in the 2018 bottom, 2015 bottom. We even saw it in the 2012 bottom. So, yeah, sure, people are holding the price up because they want Bitcoin.”
The analyst believes that the BTC price has not been largely impacted despite the major fallout of the popular lending platform BlockFi. It could be due to the presence of a huge number of buyers at the current price.
“ It’s being absorbed. What was really interesting with the BlockFi bankruptcy, we saw a sort of pullback. It went down beforhand. I kind of think that was the inside sellers, knowing that the announcement would happen. It went down $500 or something like that and it got quickly absorbed. And then now we’re breaking to the upside. So I think we’ve got a lot of buyers at this price. Certainly, the indicators I have are showing when you see a lot of coins moving and the price going sideways that’s a sure sign of accumulation. So that’s been happening. I’m tracking it. That’s the reason why it’s going sideways,”
When asked about the levels at which the BTC price may mark its bottom, Woo replied to be between $14,000 to $10,000. He had previously revealed as a part of the ‘MAX PAIN’ strategy during the previous week.
“$12,000 wouldn’t shock me $10,000, I think everyone’s wanting and so it usually dosen’t happen what everyone wants. So $12,000 wouldn’t shock me, $12,000, $13,000. It may run away from here ot it may drop even further. These are very broad-stroked indicators. But it’s probably not a bad time to dollar-cost[average] in.”
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-may-form-the-bottoms-below-12000-heres-when-it-may-rebound/