The post BTC Price Hit Bottom Analyst Confirm Bitcoin’s reversal to $70,000 appeared on BitcoinEthereumNews.com.

The bearish trends in Bitcoin price might be nearing its end after the coin hit a bottom at the $63,000 range. Bitcoin analysts are optimistic that with more holders than traders, a rebound is imminent in the near term. Bitcoin (BTC) recently saw its price hitting bottom at $63,372.11, after days of consistent pullback in the latest market downturn. Nevertheless, market analysts confirm a price reversal for the leading cryptocurrency, with the potential to reach the $70,000 mark. Optimistic Outlook Rises for Bitcoin  Many market analysts claim the recent market downturn which saw Bitcoin decreasing by 4.46% is only a stepping stone to a major price recovery. Popular crypto analyst, Michaël van de Poppe says Bitcoin is now gathering upward momentum after it has likely bottomed around the $63,000 to $65,000 range. #Bitcoin has likely bottomed in this area between $63-65K and finding itself in upward momentum. As a result, #altcoins start to show more strength, as the Bitcoin dominance is going down. The reversal is on the horizon. pic.twitter.com/i4yuVRIX0j — Michaël van de Poppe (@CryptoMichNL) June 20, 2024 van de Poppe added that altcoins are beginning to demonstrate more strength as Bitcoin’s dominance declines. His statement suggests an imminent market reversal. As a reminder, while Bitcoin dropped from its early-month high of $71,907 to a low of $64,066, prominent altcoins also slumped more than twice that rate. Adding to Bitcoin’s bullish sentiment is Bitcoinsensus, a crypto analyst. The analyst claims Bitcoin’s chart appears very bullish based on perspectives from an Elliott Wave. Bitcoinsensus emphasizes that BTC is at the final phase of an upward impulse, corresponding with its current wave 5 on multiple time frames. The #Bitcoin illiquid supply has increased since May, suggesting that people are holding their assets more than trading. 🤔 pic.twitter.com/3uTVM0CpNh — Bitcoinsensus (@Bitcoinsensus) June…

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Filed under: News - @ June 22, 2024 5:14 pm