Bitcoin Recovery: Local Bottom May Not Be Here Yet

The Bitcoin (BTC) market has witnessed a slight recovery over the past 24 hours after a declining trading week. After a flash collapse to $ 91,000 on February 3, market analysts continue to speculate if Bitcoin finds a local bottom and finally borrowed to rise. Interestingly, the encryption expert Ali Martinez shared some ideas in the market that may be valuable for this discourse.

Here’s the best time to buy bitcoin – analyst

in X post On February 7, Martinez revealed the optimal entry of investors looking to get bitcoin at the present time.

Using data from Cryptoquant, the analyst notes that the price achieved for all BTC obtained in the past 1-3 months is 97354 dollars. This data indicates that the market loss <1 % for traders who think about Bitcoin is currently estimated at about $ 97,000. However, Martinez warns that the most purchase position in BTC comes historically when traders are at a loss of 12 %. Therefore, Bitcoin Market may not provide with average loss <1 % the ideal condition for new expatriates as there is still a strong possibility for more price corrections.

Martinez notes that Bitcoin is likely to be away from the local bottom despite the recent low prices. Based on the historical data provided, the next local bottom of BTC will be about $ 85,600, which exposes the ideal accumulating area for investors who aim to large profit margins. However, it should be noted that the presence of new variables such as strong institutional interests and the accumulation of companies from BTC distinguishes instant ETF flows can prevent the first cryptocurrency from declining in previous sessions to launch the next upscale swing.

Market Overview BTC

At the time of the press, BTC continues trading at $ 97,020, which reflects the price increased by 0.75 % last day. The main assets Crypto recorded a decrease of 2.70 % last week; However, monthly profits remain 3.76 %.

According to the market prediction site, CoincodexInvestors are currently not sure with the Fear & Greed Index, which stands at 44 (fear). However, analysts at Coincodex Back Bitcoin to re -discover its upper form soon despite its constant movement.

Their short -term BTC predictions project to return to 106,613 dollars in five days, with the possibility of trading up to $ 129,434 during the next month. For long -term goals, they expect an increase to $ 158,992 in three months. With the rise of the market of $ 1.92 trillion, Bitcoin continues to be ranked larger assets of encryption with market dominance of 60.6 %.

Distinctive image from Shutterstock, the tradingView graph