Wednesday

Bitcoin

when

After a stunning retrace, <a href="https://www.newsbtc.com/news/bitcoin/why-is-bitcoin-price-up-today-key-reasons-explained/" target="_blank" rel="noopener ">Bitcoin</a> witnessed a notable recovery as Wednesday closes rising from the $61,000 price mark to $67,000, triggering hopes within the cryptocurrency community that a bullish movement might be imminent.&nbsp;However, the crypto asset has not exactly returned to the point it was a week ago, especially since BTC reached a new all-time high last week when it surged beyond $73,000. 
<h2 id="bitcoin-correction-has-bottomed-out">Bitcoin Correction Has Bottomed Out</h2> 
With Bitcoin surpassing its previous all-time high and rising even further to set a new peak of $73,000, March has been a momentous month for the cryptocurrency. And following the recent recovery, several cryptocurrency experts and traders believe that the recent<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-60800-worst-over-experts/" target="_blank" rel="noopener "> price correction</a> has reached rock bottom. 
Crypto analyst and enthusiast, Crypto Jelle has <a href="https://x.com/CryptoJelleNL/status/1770369529081627054?s=20" target="_blank" rel="noopener nofollow">offered</a> a positive prediction regarding the price action of Bitcoin and its potential to move upward. His analysis delves into the current state of BTC’s price and the possibility of the retracement coming to an end. 
According to Crypto Jelle, the average correction in “this bull market is almost 20%.” Meanwhile, the pullback is “roughly 18% deep” presently. As a result, Jelle believes that “we have most likely witnessed the worst of the drop,” suggesting that the price might be ready to undergo full recovery.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-599022" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Crypto-Jelle-Bitcoin-Chart-1.jpg?w=460&amp;resize=460%2C236" alt="Bitcoin" width="460" height="236" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Crypto-Jelle-Bitcoin-Chart-1.jpg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/03/Crypto-Jelle-Bitcoin-Chart-1.jpg?w=460&amp;resize=460%2C236 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Crypto-Jelle-Bitcoin-Chart-1.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Crypto-Jelle-Bitcoin-Chart-1.jpg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Crypto-Jelle-Bitcoin-Chart-1.jpg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Crypto-Jelle-Bitcoin-Chart-1.jpg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Crypto-Jelle-Bitcoin-Chart-1.jpg?w=1140 1140w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Jelle claims that the fall “should be bottoming out” any moment from now. However, this might not be happening soon, since “these things take time to form,” urging the crypto community not to rush it. 
The post read: 
<blockquote>
 The average pullback in this bull market is almost 20%. Since the current downturn is just about 18% deep, the worst is most likely behind us. Although these things take time to form, the bottom should be close. Do not rust it.
</blockquote> 
In another X <a href="https://x.com/CryptoJelleNL/status/1770557476183679264?s=20" target="_blank" rel="noopener nofollow">post</a>, Crypto Jelle noted that the market has once again begun to “display signs of a local bottom.” Due to this, the largest cryptocurrency asset <a href="https://www.newsbtc.com/news/bitcoin/1-3-trillion-bitcoin-market-cap-sets-new-record-all-time-high/" target="_blank" rel="noopener ">by market cap</a> still has “work to do.” 
Crypto Jelle anticipates Bitcoin to hold above the $65,300 threshold, in order for the price to “regain that 2021 bull cycle peak.” Additionally, when his forecast takes place, he believes that prices “will be off” in the upward direction in no time. 
<h2 id="amount-of-btc-to-buy-using-dca-strategy">Amount Of BTC To Buy Using DCA Strategy</h2> 
As Bitcoin continues to struggle, crypto analyst Ali Martinez has <a href="https://x.com/ali_charts/status/1770015684031840744?s=20" target="_blank" rel="noopener nofollow">underlined</a> the amount of BTC to purchase within specific price levels using the Dollar-Cost Averaging (DCA) strategy. 
According to Martinez, when BTC is within the range of $65,130, $64,130, $63,130, and $62,130, investors should buy 0.5 <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whales-cashing-out/" target="_blank" rel="noopener ">BTC</a>. Meanwhile, at the $61,130, $60,130, $59,130, and $58,130 levels, investors should acquire about 0.65 BTC. 
Furthermore, around $57,130, $56,130, $55,130, and $54,130, Martinez advocates the acquisition of 0.8 BTC. Lastly, a portion of 0.95 BTC should be purchased around $53,130, $52,130, $51,130, and $50,130. 
At the time of writing, Bitcoin was trading at $67,299 on the daily timeframe, indicating an increase of over 4%. Its market cap has risen by 4.97% in the past day, while its trading volume is down by over 12%. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/XKxugLrX/" alt="Bitcoin" width="2273" height="1351">

Bitcoin Pullback Has Ended? Analyst Declares “Worst Is Over”

Table of Contents

NewsBTC

Other articles published on Mar 21, 2024

Raffle Coin’s (RAFF) Presale Hints at 50X Returns, Attracting Major Interest from Tether & Binanc...

Expert Analyst Forecasts Bitcoin’s Triple-Digit Growth to New Highs

Fantom (FTM) Bull Run: Can FTM Hit $2 After 20% Price Spike?

MILC Platform (MLT) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Cardano’s Surge to Top Eight Cryptos Hints at Potential Market Rebound

Bitcoin Futures Spread Signals Speculative Frenzy

Join our free newsletter for daily crypto updates!