Bitrabo Editorial
Noted cryptocurrency specialist Javon Marks has made a bold prediction suggesting that Bitcoin could reach the crucial $72,000 level despite the current pessimism in the Bitcoin market. This comes at a time when Bitcoin has faced challenges such as steep price drops and prevalent negative market sentiments.
Potential Upsurge for Bitcoin to $72,000
Following its failure to surpass the $66,500 mark recently, Bitcoin (BTC) is now trading below the $62,000 support level, indicating ongoing volatility in the cryptocurrency market. Nevertheless, various cryptocurrency experts are optimistic that the downward trend will soon reverse, with a significant recovery expected in the coming days.
Javon Marks’ analysis suggests that Bitcoin’s recent decline may be reaching an end, supported by technical signals and market factors like the Relative Strength Index (RSI). The emergence of a bullish divergence pattern, often a precursor to upward market movements, and the resilience of key support levels between $56,000 and $60,000, further bolster this outlook.
The expert notes that with Bitcoin holding its price, confirming a higher low, and the RSI signaling a lower low, a bullish pattern has been validated. Consequently, Javon Marks foresees a potential price bounce back to $72,000 and potentially beyond to new record highs if this pattern persists.
Opportune Moment to Invest in the Cryptocurrency
Amidst the bearish momentum surrounding Bitcoin, renowned cryptocurrency analyst Ali Martinez has suggested that now might be an opportune time to consider investing in the digital asset.
Martinez points out that over the past two years, Bitcoin’s daily RSI has entered the oversold zone around three times, leading to price surges of 60%, 63%, and 198% following each occurrence. With Bitcoin currently trading below $62,000 and the daily RSI once again in oversold territory, Martinez believes that this dip could present a favorable buying opportunity.
As of the latest data, Bitcoin is priced at $61,220, showing a decline of over 6% in the past week. This decline extends to its market cap and trading volume, which have both decreased by 0.08% and 31%, respectively, in the last 24 hours.