Bitcoin Has Never Broken This Line Before And Price Just Touched It Again
Bitcoin has again touched a long-term trendline that has marked every major cycle low for nearly nine years. In past cycles, touching this line was followed by huge rallies: roughly 1,300% in 2017, 1,900% in 2018 and 2020, and 700% in 2022. That makes the current test potentially bullish if history repeats. However, downside risk remains. One analyst says Bitcoin may not have bottomed yet and could still fall below $60,000, since its short-term holder realized price has been reached but the long-term holder realized price near $50,000 has not. Another analyst points to an investor price around $48,300 as a possible accumulation zone, suggesting a drop below $50,000 is still possible. Ongoing geopolitical tensions add to volatility. Bitcoin is currently around $62,600.
