Bitcoin\u2019s price went through a highly volatile and mostly painful ride throughout June, dumping to a multi-year low first at $59,000 before another one at $58,000.<\/p>\n
Analysts continue to debate whether this cycle\u2019s bottom has been reached or not, but Ali Martinez recently published a post on his views about the current accumulation zone and whether it\u2019s a proper entry level.<\/p>\n
In the post specifically designated to bitcoin\u2019s 200-week Simple Moving Average (SMA), the popular analyst noted that the asset has rarely traded below it for a longer period. And when it has dipped below it, the subsequent rally has shown that those moments \u201chave consistently marked exceptional long-term accumulation opportunities.\u201d<\/p>\n
Since the 200-week SMA currently sits at $63,500, a level that BTC lost earlier this week, Martinez concluded<\/a> that \u201cThis is exactly when you want to deploy a dollar-cost averaging strategy.\u201d<\/p>\n In the more detailed post on BTC\u2019s market structure, though, the analyst admitted that bitcoin trading below the 200-week SMA doesn\u2019t necessarily mean it has bottomed out. In fact, he noted that the asset can still dip further south and outlined potential targets at $54,000 or even $40,000. If that\u2019s the case, investors might want to double down on their DCA strategy, he argued.<\/p>\n \u201cSpreading buy orders across the $58,000 to $40,000 range allows you to build a position while the asset trades at a technical discount.\u201d<\/p>\n Martinez believes $63,500 remains BTC\u2019s most significant level now, as if it registers a \u201chigh-timeframe reclaim of the 200-week SMA as macro support,\u201d it would suggest the early stages of a new bull run.<\/p>\n Each leg down opens the door for analysts to continue the always-hot debate<\/a> over whether the bottom is in or if more pain lies ahead. Martinez brought up BTC\u2019s historical performance after the aforementioned 200-week SMA came into play. Each of his four examples delivered massive gains after bitcoin tested that level in 2015, 2018, 2020, and 2022.<\/p>\n As such, he determined that the bottom is \u201calmost in\u201d and outlined the precise gains registered from bottom to top.<\/p>\n December 2018:<\/span> A test of this moving average triggered a swift <\/span>267%<\/span> recovery.<\/span> The post Bitcoin\u2019s Price Has Finally Entered the Buy Zone: Analyst Maps Out Big Targets<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price went through a highly volatile and mostly painful ride throughout June, dumping to a multi-year low first at $59,000 before another one at $58,000. Analysts continue to debate whether this cycle\u2019s bottom has been reached or not, but Ali Martinez recently published a post on his views about the current accumulation zone and […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-188170","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/188170"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=188170"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/188170\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=188170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=188170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=188170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}When Bottom?<\/h2>\n
\nMarch 2020:<\/span> The COVID-induced liquidity flush saw Bitcoin validate the 200-week SMA as support before surging <\/span>1,125%<\/span>.<\/span>
\nJune 2022:<\/span> For the first time ever, Bitcoin dipped and consolidated below the moving average until December 2022. Once the line was reclaimed, it initiated a <\/span>680%<\/span> expansion.<\/span><\/p>\n