Not $60,000: Analyst Reveals The Best Time To Actually Start Buying Bitcoin
Summary
Bitcoin’s recent drop has renewed attention on the $60,000 level, but Merlijn The Trader argues the better buying opportunity may be lower. Using a Wyckoff accumulation comparison with Bitcoin’s 2022 bottom, he says the current bounce could trap buyers before the real accumulation phase is complete. His view is that Bitcoin is still ahead of the “spring” phase, which could push price toward about $50,000 before a rebound into the $65,000–$70,000 range. He sees that rebound as a likely bull trap, similar to the false recovery that preceded the real 2022 markup. Merlijn places his dollar-cost averaging zone between $48,000 and $59,000, calling that range the strongest long-term entry area. At the time cited, Bitcoin traded near $62,891.
