Crypto Blog
The price of Bitcoin has likely already bottomed from a sharp pullback that followed new all-time highs last week, according to popular price analyst Willy Woo.
After tapping $74,000 last week, the asset slid back to $61,000 on Wednesday and has now slightly bounced back to $65,200. The 17% pullback is reminiscent of when Bitcoin broke all-time highs during its previous cycle, experiencing a 31% correction at the time.Bitcoin’s “expected inflows” also appear to have bottomed – a measure of the market’s expected buying pressure based on Bitcoin’s 24-hour simple moving average.
Woo noted that March has historically been a sideways trading month while April may get “choppy in both directions” based on present data. In the long term, he says macro structure “remains bullish.”
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