It’s been 11 days since the fourth Bitcoin halving, and the crypto world is abuzz. Renowned crypto analyst “MikyBull Crypto” has made a bold prediction: Bitcoin might be hovering around its last local bottom before the much-anticipated post-halving rally.
Let’s dive into why he thinks so.
Bitcoin Bull Market Support Band: What Does It Mean?
MikyBull Crypto points to something called the bull market support band. It’s like a safety net for Bitcoin during bullish cycles. This band marks a range where Bitcoin usually attracts a lot of buying interest, leading to a bounce and pushing it upwards.
In today’s scenario, MikyBull suggests that Bitcoin might have dipped into this support band, hinting at a possible bounce back.
In the crypto world, how people feel about the market matters a lot. Positive news often signals the peak of a bull market, while negative news might mean we’re hitting a low. As everyone digests recent events and big economic changes in the crypto world, this sentiment analysis might be quite relevant for this cycle.
Global Liquidity: A Crucial Indicator
MikyBull’s analysis also focuses on something called global liquidity, which basically means how much money is sloshing around in the world. He noticed that when there’s a lot of money floating around, Bitcoin tends to do well. This time seems no different, with current liquidity levels resembling those seen before big Bitcoin rallies, like the ones in October 2022.
This suggests that another rally might be on the horizon, possibly marking an important low point for Bitcoin.
Numbers tell a story, and the data in the graph supports MikyBull’s ideas. Whenever there’s a surge in global liquidity, Bitcoin tends to thrive. More money available usually means good news for risky assets like Bitcoin, increasing the chances of a rally.
The Path Forward
Bitcoin is at a crucial stage right now, with a lot of ups and downs in the broader economy. While experts think it might hit $48,000, the market doesn’t always follow predictions. MikyBull believes this could be the last local bottom before Bitcoin starts climbing again.
Reading the Market Can Pay Off!
Right now, the crypto market is full of uncertainty, and big price swings could be around the corner. People are waiting to see what Bitcoin traders do next and keeping an eye on the global economy. MikyBull’s insights echo what many others are saying: history could repeat itself.
Looking back at patterns from 2017, it’s possible that this supposed final local bottom is either just around the corner or has already happened. While nothing’s certain, these insights shed light on where crypto markets might be headed.
Also Check Out: Bitcoin Price Slump Sparks Crypto Market Crash! Analyst Sees 30-40% Correction Soon
Time to buy the dip or wait for a confirmation signal? The decision is yours, but one thing’s for sure: Bitcoin’s next move is highly anticipated!
Source: https://coinpedia.org/news/is-this-bitcoins-final-dip-exploring-the-local-bottom-of-the-cycle/