Bitcoin

when

Reversal

A crypto expert has predicted a <a href="https://bitcoinist.com/analyst-predicts-greater-bitcoin-bull-reversal/" rel="nofollow">bullish price reversal</a> for Bitcoin, the world’s largest cryptocurrency. The analyst suggested that <a href="https://www.newsbtc.com/news/bitcoin/why-bitcoin-bottom-is-in-new-highs-imminent/">Bitcoin’s price may have bottomed in</a>, potentially signaling the start of market stabilization after a prolonged downturn. 
<h2 id="bitcoin-price-reversal-on-the-horizon">Bitcoin Price Reversal On The Horizon</h2> 
Crypto expert and Bitcoin analyst, Willy Woo has taken to X (formerly Twitter) to <a href="https://x.com/woonomic/status/1805358685838835884?s=46" rel="nofollow">shed light</a> on <a href="https://bitcoinist.com/bitcoin-price-tragic-june/" rel="nofollow">Bitcoin’s current price performance</a> and its future outlook as market conditions stabilize. The analyst disclosed that there may be a good chance that “Bitcoin has cleared all price lows” for this market cycle.&nbsp; 
The crypto expert disclosed that miner capitulation was one of the most reliable indicators for a subsequent <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-62400/">price reversal</a> in a cryptocurrency, typically ending periods of <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-down-today/">sideways or bearishness</a>. Sharing a price chart of Bitcoin’s performance, the analyst has stated that short-term technicals point to a possible price reversal for the pioneer cryptocurrency.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-626915" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-1-3.jpeg?w=460&amp;resize=460%2C336" alt="Bitcoin 1" width="460" height="336" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-1-3.jpeg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-1-3.jpeg?w=460&amp;resize=460%2C336 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
He disclosed that the market was approaching a TD9 reversal signal on the daily candles, which is expected to occur in two hours. A TD9 reversal is a technical indicator that usually signals a possible change in a cryptocurrency’s market trend.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-626916" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-2-4.jpeg?w=460&amp;resize=460%2C376" alt="Bitcoin 2" width="460" height="376" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-2-4.jpeg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-2-4.jpeg?w=460&amp;resize=460%2C376 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
The crypto expert has revealed that if this scenario plays out, Bitcoin could start correcting upwards, compensating for the recent <a href="https://bitcoinist.com/bitcoin-price-falls-below-short-term-holders-realized-price-of-66200-what-are-the-implications/" rel="nofollow">price declines </a>triggered by excessive selling from miners and significant liquidations driven by speculators. However, Woo has cautioned that <a href="https://bitcoinist.com/analyst-foresees-bitcoin-revisiting-72000-soon/" rel="nofollow">Bitcoin’s path to recovery</a> remains uncertain, as substantial speculative activity still needs to be flushed out of the market. 
The analyst has <a href="https://x.com/woonomic/status/1803926249036710234?s=46" rel="nofollow">revealed</a> that Bitcoin can only recover when weak miners die and hash rates recover. He also <a href="https://x.com/woonomic/status/1803300427733127407?s=46" rel="nofollow">disclosed</a> that liquidations were necessary for a major price pump in Bitcoin.&nbsp; 
<h2 id="is-btc-s-bottom-in">Is BTC’s Bottom In?</h2> 
Woo suggested in his post that Bitcoin may have reached its <a href="https://www.newsbtc.com/news/bitcoin/is-the-bitcoin-bottom-in-what-7-experts-say/">bottom price</a>. The cryptocurrency is currently trading at $61,481, reflecting a 3.86% decline over the past week, according to CoinMarketCap. 
In an earlier post, the crypto expert disclosed a <a href="https://www.newsbtc.com/news/bitcoin/blockchain-firm-says-bitcoin-price-might-be-headed-for-60000-heres-why/">price target for Bitcoin</a> at $62,000, highlighting that an increase in liquidations has triggered substantial <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dive-60k/">downward momentum for Bitcoin</a>. He revealed that the $62,000 threshold was the most optimal price point to flush out excessive leverage in Bitcoin.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-626917" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-3.jpeg?w=460&amp;resize=460%2C320" alt="Bitcoin 3" width="460" height="320" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-3.jpeg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-3.jpeg?w=460&amp;resize=460%2C320 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
However, as speculators continued to open new long positions, it inadvertently led to more liquidations as <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-62700/">Bitcoin’s price fell</a>. The long squeeze triggered additional downward pressure for the cryptocurrency, pushing Woo’s initial price target down towards $58,000.&nbsp; 
Adding to the market pressure, Woo disclosed that a post-halving miner’s capitalization was ongoing. He disclosed that after Bitcoin’s halving event on April 20, numerous <a href="https://bitcoinist.com/bitcoin-miners-in-distress-mass-sell-off-sends-btc-price-tumbling-to-61000/" rel="nofollow">miners sold off their Bitcoin holdings</a>, exacerbating the cryptocurrency’s downward spiral as selling pressures increased.&nbsp; 
Woo <a href="https://x.com/woonomic/status/1805358688393175248?s=46" rel="nofollow">revealed</a> that $54,000 may be the next layer of liquidations for Bitcoin, predicting that if the cryptocurrency reaches these lows, it could potentially tip it into a bearish phase.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/jvmnoBmj/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576"> 
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Is The Bitcoin Bottom In? Crypto Expert Predicts Bullish Price Reversal

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