Bitcoin, the leading cryptocurrency, experienced a significant retracement followed by a notable recovery as the week came to a close. After dropping from the $73,000 mark to $61,000, many within the cryptocurrency community were hopeful for a bullish move. However, despite the recent surge to $67,000, Bitcoin has not fully recovered to its previous highs. March has been a historic month for the cryptocurrency, witnessing an all-time high of $73,000 followed by a correction.
Crypto analyst Crypto Jelle has provided insight into the current state of Bitcoin’s price action. According to Jelle, the average correction in the current bull market is around 20%, while the recent pullback has been approximately 18% deep. Based on this analysis, Jelle believes that the worst of the drop may have passed, and Bitcoin could be poised for a full recovery. However, he cautions that these market cycles take time to form and urges the community not to rush the process.
Crypto Jelle anticipates that Bitcoin must hold above the $65,300 threshold to regain its 2021 bull cycle peak. Once this level is sustained, Jelle predicts that prices will begin to climb in an upward direction. Additionally, crypto analyst Ali Martinez has outlined specific price levels at which investors should consider purchasing Bitcoin using the Dollar-Cost Averaging (DCA) strategy. This strategy recommends buying varying amounts of BTC at different price points, allowing investors to average the cost of their purchases over time.
At the time of writing, Bitcoin was trading at $67,299, representing a 4% increase on the daily timeframe. The cryptocurrency’s market cap saw a 4.97% rise in the past day, while its trading volume decreased by over 12%. These fluctuations in price and volume indicate the ongoing volatility in the cryptocurrency market.
It is essential to note that the information provided in this article is for educational purposes only. The opinions expressed do not represent the views of NewsBTC on investment decisions. Investing in cryptocurrencies carries inherent risks, and individuals are encouraged to conduct their research before making any financial decisions based on the information presented here. Remember to use caution and invest at your discretion.
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