Bitcoin

when

Rekt

Time

The Bitcoin price has experienced a significant correction after failing to consolidate above the $70,000 level and retesting its all-time high of $73,700, which it reached in March. With a retracement of nearly 10% over the past week, BTC is now trading just above support at the $60,000 level.&nbsp; 
However, based on <a href="https://www.newsbtc.com/news/bitcoin-volatility-reaches-historic-low/" target="_blank" rel="noopener ">historical data</a>, further price drops may be expected in the coming days, aligning with patterns observed before explosive bull runs. 
<h2 id="bitcoin-price-analysis">Bitcoin Price Analysis</h2> 
Crypto analyst Rekt Capital has compiled data <a href="https://x.com/rektcapital/status/1805233404067115442" target="_blank" rel="noopener nofollow">showing </a>the depth and length of retracements during previous market cycles. Historical patterns show retracements of approximately -23% (February 2023), -21% (April/May 2023), -22% (July/September 2023), -21% (January 2024), -23.6% (April/May 2024), and the current -16% retracement.&nbsp; 
Notably, the current retracement has not yet reached the average depth or length. Considering these statistics, Bitcoin could potentially <a href="https://www.newsbtc.com/news/ripple/xrp-price-aims-0-550/" target="_blank" rel="noopener ">retrace </a>a further 6% to a trading price of $56,400.&nbsp; 
Additionally, the downtrend may continue for the next seven days until July 1st, possibly marking the final retrace below the sub $60,000 levels before a potential restart of the bull run and explosive price gains. 
However, the Bitcoin Crosby Ratio, a key indicator, is <a href="https://x.com/Lookintobtc/status/1805292245777793135" target="_blank" rel="noopener nofollow">approaching </a>the oversold territory. Throughout Bitcoin’s history, this has often signaled crucial reversal points for the cryptocurrency. Notably, the last time this occurred, Bitcoin rallied over 190% from approximately $25,000 to new all-time highs above $73,000.&nbsp; 
Furthermore, the Bitcoin daily Relative Strength Index (RSI) has <a href="https://x.com/thescalpingpro/status/1805300790833332552" target="_blank" rel="noopener nofollow">entered </a>the oversold zone for the fourth time since the $15,500 bottom reached in November 2022. In the past, such occurrences have frequently preceded rallies, resulting in gains of over 100%. 
<h2 id="time-to-buy-the-dip">Time To Buy The Dip?&nbsp;</h2> 
Renowned market expert Ali Martinez has <a href="https://x.com/ali_charts/status/1805305786412704043" target="_blank" rel="noopener nofollow">identified </a>a compelling correlation between Bitcoin’s market value to realized value (MVRV) Ratio and subsequent price jumps.&nbsp; 
The MVRV Ratio is a metric that compares the market capitalization of Bitcoin to the realized value of its coins. It provides insights into whether Bitcoin holders are at a profit or loss based on when they acquired their coins.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-626184" src="https://www.newsbtc.com/wp-content/uploads/2024/06/GQ27a3MXcAAXOax.jpeg?w=860&amp;resize=860%2C407" alt="Bitcoin Price" width="860" height="407" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/GQ27a3MXcAAXOax.jpeg?w=2846 2846w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ27a3MXcAAXOax.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ27a3MXcAAXOax.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ27a3MXcAAXOax.jpeg?w=860&amp;resize=860%2C407 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ27a3MXcAAXOax.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ27a3MXcAAXOax.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ27a3MXcAAXOax.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ27a3MXcAAXOax.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
When the MVRV Ratio dips into negative territory, it suggests that many Bitcoin holders are in <a href="https://www.newsbtc.com/news/banks-bust-bitcoin-booms-price-skyrockets-40-during-us-banking-crisis/" target="_blank" rel="noopener ">unrealized losses</a>, potentially indicating an attractive buying opportunity. 
Analyzing the historical data, Martinez observed a consistent pattern where Bitcoin’s price experienced notable jumps following MVRV Ratio dips below -8.40%.&nbsp; 
On four occasions, these dips were followed by price surges of 63%, 100%, 92%, and 28%, respectively. These findings indicate that periods of negative MVRV Ratios can indicate strong market support and a subsequent bullish trend. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/17aImd2v/" alt="Bitcoin price" width="1814" height="858"> 
Featured image from DALL-E, chart from TradingView.com&nbsp;

Bitcoin Price Forecast: Three Strong Indicators Urge Buying As Experts Predict A 100% Rally Ahead

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