Crypto expert Vivek revealed that Bitcoin entered a buy zone that led to parabolic gains last year bull cycles. This comes as analysts predict that BTC could fall to the psychological level of $70,000, with the leading cryptocurrency showing weakness on the lower time frame.
Bitcoin is entering a historic buying zone that has led to parabolic increases
In Post XVivek stated that Bitcoin has entered a best buy zone this cycle, similar to the buy zones in 2018 and 2022 bear cyclesjust before BTC increased by 1700% and 660% respectively. The expert declared that the next one would be a parabolic rally as the same pattern appeared again.
Bitcoin has entered this buying zone after recently falling to the lower $70,000 range USA and Iran they have not yet reached a peace agreement. Cryptocurrency analyst Altcoin Sherpa stated that BTC doesn’t give it much confidence on the lower time frames at this level. He added that he hopes for a rebound, but the leading cryptocurrency is still likely to fall to $70,000 or even lower.
Yesterday, Bitcoin rose significantly above $73,000 Statement by President Donald Trump that the naval blockade on Strait of Hormuz will be raised. BTC also rose after the president said he would soon make a decision on the draft US-Iran deal. However, Trump did not announce a final decision on the agreement. Iran also confirmed that a draft agreement exists but has not yet ratified it. A potential US-Iran deal is bullish for BTC and the broader cryptocurrency market as it will ease inflationary pressures caused by the war.
The analyst maintains his thesis regarding the bear market
In Post Xcryptocurrency analyst Colin reiterated his Bitcoin bear market thesis, noting that BTC has always dropped 77% or more from peak to peak the bottom of a bear market. He noted that a 70% decline would mean BTC could fall to $38,000 from October’s high of $126,000. The analyst added that any bear market floor above $40,000 would be quite bullish as it would be better than previous bear market floors.
In another Post Xopined that the delayed impact of extremely low oil reserves could be what causes Bitcoin’s price to fall later. The analyst also predicted that the next local peak of the S&P 500 will be marked by a breakthrough in oil prices. Colin noted that it takes time to see results the American-Iranian war flow down and be felt by the common man.
At the time of writing, Bitcoin is trading at around $73,300, down over the past 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
