Cryptocurrency analyst Merlijn revealed that Bitcoin has just re-entered the market DCA zoneindicating that it is a good time to buy BTC. The leading cryptocurrency is already experiencing another rebound, rising to the psychological level of $70,000, which has proven to be a major resistance level so far.
Bitcoin re-enters the DCA zone as the price sees another rally
In Post XMerlijn stated that Bitcoin has just entered the DCA zone on the rainbow chart and that BTC has now returned to the DCA zone. He noted that every time this occurred, there was a massive rally. At the same time, this is when retail investors They panicked and sold it. The analyst added that this chart has never been wrong.
In another Post XMerlijn said Bitcoin has reached a critical level, especially as its price continues to hover in a narrow range of $60,000 to $70,000. This is shown in the attached table BTC may augment above $120,000 if it maintains this level of support. However, there is the potential for a greater decline if the current range is not maintained.
The analyst also revealed that Bitcoin is mirrored top 2021 with exactly the same sequence, lower highs and the same structure. He noted that 2021 ended with one last surge before economic recovery. Merlijn said the $60,000 level was the last line of defense and staying above that level would mean buyers would take control. However, a drop below this level would result in liquidity clusters below it becoming the next targets.
Bitcoin has seen a piercing recovery following its recent color below, and the analyst is confident that this time will be no different. Cryptocurrency analysts such as Benjamin Cowen have predicted that BTC could recover by the second half of this year as part of a 4-year cycle.
Peter Brandt predicts a breakout for BTC
Experienced trader Peter Brandt predicted that Bitcoin could break into positive territory. In Post X”, he said, referring to the daily and weekly BTC charts that “Big Banana is creating Little Banana – indicating that a Banana split will happen soon.” The accompanying chart showed that the flagship cryptocurrency could surge to $82,500 by April.
In the longer term, Brandt predicted that Bitcoin could rise to $120,000 and possibly $280,000. His prediction comes just a few days later he admitted that BTC may be in a bullish reversal phase. An experienced trader said he watched Bitcoin Rally to $74,000 was then considered a potentially significant change in price behavior compared to the peak in October last year.
At the time of writing, Bitcoin is trading at around $69,900, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from pngtree, chart from Tradingview.com
