These Four Bitcoin Charts Suggest BTC Price Is Bottoming After 50% Crash
Several technical indicators suggest Bitcoin's price, over 42% below its high, may be forming a bottom between $60,000 and $72,000.Summary
Despite Bitcoin being over 42% below its all-time high, technical analysis suggests a potential bottom is forming in the $60,000 to $72,000 range. One key indicator is the "Adam and Eve bottom" pattern on the 12-hour chart, a bullish reversal signal confirmed when the price broke above the $70,000 neckline, though bulls must hold this breakout area. Furthermore, the Bitcoin-gold ratio, which has been in a 13-month downtrend, historically bottoms out around 14 months before major market cycle lows, suggesting a bottom is imminent, similar to patterns seen in 2014, 2018, and 2022. Finally, BTC price is retesting a multi-year ascending channel support trend line on the monthly chart, a level that marked previous bear market bottoms in 2018 and 2022, potentially setting the stage for a significant future rally.
(Source：Cointelegraph)