An analyst on X has based their expectations for a rebound in Bitcoin ($BTC) on unrealized profit. Their part of the argument sheds light on the fact that unrealized profit dips when BTC nears the ATH. Or, it begins to decline when the token initiates an upswing. It is consistent as of now but was at its peak in November 2022. Several months later, BTC hit a new ATH with current trends demonstrating that the flagship crypto is not far away from breaching the mark of $74,000.
For reference, Bitcoin is listed at $65,184.33, down by 0.39% in the last 24 hours. It is testing the resistance mark of $65,000. A decline below that will open the gates to a massive bear run, pulling BTC away from the $74k mark.
The analyst has warned that the trend could be worse too.
The current value of BTC is down by 4.03% in the last 7 days and 3.01% in the last 30 days. There is a chance that liquidation of holdings could happen if the selling pressure remains constant. There is a reasonable amount of transition from altcoin to Bitcoin; however, the current level is not sufficient. Nevertheless, it is a beginning with a bull run right around the corner.
Near-term predictions of Bitcoin are bullish. The token is predicted to breach the mark of $74,000 in the next 5 days and surpass the value of $85,000 in the next 30 days. The monthly growth could be of 31.51%, approximately. The token has traded positively for 15 out of the last 30 days amid a volatility of around 2.13%. Needless to say, it has fluctuated throughout the monthly run.
The 14-day RSI translates to 39.59. The 50-day SMA and 200-day SMA are $66,144 and $56,253, applicable in the same order.
Many in the market are wondering if this is a good time to buy Bitcoin. It is important to note that a thorough research and risk assessment should be prioritized before allocating funds to BTC or any other cryptocurrency for that matter. Buying the dip is a good choice but understanding when the token has hit its lowest mark is more important.
There could be a slight diversification if the SEC gives a green light to Spot Ether ETF in the next month, or any time this year. While the liquidation may be limited, the distraction would suffice to hamper the rise of token value and hence, the market cap.
Bitcoin is still within the range. It was first drawing attention between the range of $61,000 and $65,000. Then it was between $67,000 and $70,000. Now it is hovering around the $65k mark, poised for a rebound. The timeline is hard to be drawn but predictions are inclined to see a jump in the next 5-30 days.