Many are now expecting a prolonged crypto winter, as the narrative that the bull cycle has officially ended is gaining momentum. However, for Web3 developer and experienced market trader “TRACER,” Bitcoin has a lot more in the tank.
He shared in a recent social media post that Bitcoin may have bottomed out, and a bounce is on the cards for the pioneering cryptocurrency. According to him, no one is talking about this prospect well enough amid heightened investor panic.
A Clean Bounce for Bitcoin
The analysis comes as Bitcoin has endured a period of sideways price trends. The apex cryptocurrency fell to $80,000 on Friday, reaching lows last seen in April.
While BTC has rebounded to $84,000 at the time of writing, it still trends 12% lower than its price seven days ago. Furthermore, the asset has corrected 23% in the past 30 days and a staggering 33% from its all-time high of $126,220 in October.
However, TRACER insisted that Bitcoin is sitting in the “clean bounce zone.” As a result, he termed selling here the worst decision a holder could make at this point.
Meanwhile, he shared a chart that showed Bitcoin has now retraced by 31% to a crucial support zone in the BTC/USD 1W chart on Binance. BTC has experienced such pullbacks in the past, with broader market sentiment always suggesting it is over.
In all these, BTC has always recovered to even newer heights. The developer expects this time to be no different from previous events. Notably, his chart shows that BTC would target a 78.6% rebound to $150,000.
It’s Time to Buy
Meanwhile, market analyst “Finance Guy” also echoed this sentiment in a separate tweet, insisting it is time to buy the Bitcoin dip. He stated this based on historical evidence that has repeatedly shown BTC usually moves against prevailing market sentiment.
He noted that because everyone is saying Bitcoin is crashing, it means it is the best time to accumulate at the current discounted price. The analyst also highlighted several instances when non-believers claimed it was over for Bitcoin, only for the asset to rebound. This supports a popular saying that “the best time to buy is when there is blood in the streets.”
Meanwhile, several other analysts have shared this sentiment. The recent Simply Bitcoin podcast highlighted that Bitcoin is “massively mispriced,” suggesting there is a better chance of a rally to $1 million per coin than to $10,000.
CryptoQuant founder Ki Young Ju also confirmed that Bitcoin is not in a bear market yet, suggesting a rebound is on course for the pioneering cryptocurrency.
Evans Kelvin
Brenda Kanana
