Bitcoin

when

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 <a href="https://x.com/MikybullCrypto/status/1787396839387357443" target="_blank" rel="noopener nofollow">insights</a> 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 <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-back-above-63000-will-fomo-fuel-another-rally-or-lead-to-a-bust/" target="_blank" rel="noopener ">Bitcoin</a> slightly decreased on Monday. However, MilkyBull is confident that the recent retracement might be the last before BTC turns to move on the upside. 
<h2 id="bitcoin-local-bottom-is-in">Bitcoin Local Bottom Is In</h2> 
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: <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-bottom-in-retracement-from-73800-is-deeper-and-took-longer-to-form/" target="_blank" rel="noopener ">Bitcoin Bottom In? Retracement From $73,800 Is Deeper And Took Longer To Form</a> 
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 <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-under-pressure-whales-hold-over-331-billion-of-btc/" target="_blank" rel="noopener ">BTC bullish investors</a>. 
<img loading="lazy" decoding="async" class="size-medium wp-image-606932" src="https://www.newsbtc.com/wp-content/uploads/2024/05/MilkyBull-Bitcoin-Chart.jpg?w=460&amp;resize=460%2C261" alt="Bitcoin" width="460" height="261" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/MilkyBull-Bitcoin-Chart.jpg?w=1946 1946w, https://www.newsbtc.com/wp-content/uploads/2024/05/MilkyBull-Bitcoin-Chart.jpg?w=460&amp;resize=460%2C261 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/MilkyBull-Bitcoin-Chart.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/MilkyBull-Bitcoin-Chart.jpg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/MilkyBull-Bitcoin-Chart.jpg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/MilkyBull-Bitcoin-Chart.jpg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/MilkyBull-Bitcoin-Chart.jpg?w=1140 1140w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
MilkyBull further drew attention to a previous analysis that suggests Bitcoin could be poised for a rally due to <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-historical-analyst-reclaim-bounce-die/" target="_blank" rel="noopener ">historical patterns</a>. 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.&nbsp; 
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.&nbsp; 
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. 
<h2 id="btc-correction-on-the-horizon">BTC Correction On The Horizon</h2> 
While MilkyBull anticipates a rally, market expert Benjamin Cowen <a href="https://x.com/intocryptoverse/status/1787621706946822604" target="_blank" rel="noopener nofollow">expects</a> the leading cryptocurrency asset to drop in the upcoming days. Last week, Cowen claimed BTC’s Return On Investment (ROI) 12 days after the <a href="https://www.newsbtc.com/news/bitcoin/fourth-bitcoin-halving-completed/" target="_blank" rel="noopener ">Bitcoin Halving event</a> was the worst performance that the asset has experienced. According to Cowen, this is reasonable as it is the first time BTC is reaching a new all-time high before the Halving. 
Almost a week later, there is still no improvement, as the analyst noted that BTC ROI is still performing worse than in previous cycles. Comparing this action with that of 2016, Cowen expects BTC to undergo a decline in the coming week. 
During the time of writing, BTC was trading at $63,970, demonstrating an increase of over 3% in the past week. While its market cap is down by 1.17%, its daily trading volume has garnered positive sentiment, rising by 40%. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/A40OBF5G/" alt="Bitcoin" width="2283" height="1351">

Bitcoin Local Bottom In? Analyst Offers Insights

Table of Contents

NewsBTC

Other articles published on May 7, 2024

Michael Saylor Issues Bullish Bitcoin Tip

Ore wins Solana hackathon despite disrupting Solana’s network in April

Solana Price Surges 5% As This New ”Send SOL” Meme Coin ICO Marches Towards $1 Million

Dogecoin Price Jumps 15% As Whales Move DOGE To Robinhood Amid SEC Wells Notice; Dogeverse ICO Go...

Investor’s FOMO Nightmare Comes Alive as Solana (SOL) Trade Loss Highlights Crypto and FUD Risks

Hong Kong, which wants to be a leader in the Cryptocurrency Industry, has introduced yet another ...

Join our free newsletter for daily crypto updates!