Crypto analyst highlights a period that he thinks could be the best time to sell Bitcoin. The analyst’s prediction was backed up by a historical pattern which has been a major turning point for bullish markets in the past. BTC’s market cycles. He said that traders could use these patterns to find the optimal exit point for the current cycle.
Expert Reveals the Best Time to Sell Bitcoin
Merlijn the Trader, a crypto market analyst has cautioned Bitcoin is nearing an important turning point. Traders are encouraged to be cautious. consider selling their coins Maximize returns. In a blog post, he suggested that BTC might be heading towards another sharp correctionHis lower-cycle forecasts include a target for the downside near $33,000.
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Investors are warned by the analyst to avoid trading. “sell in May and go away,” Bitcoin could hit the mainstream a fresh cycle top In May there could be a drop in the price of bitcoin that would trigger losses among bulls that fail to sell their positions early. The repeating Bitcoin pattern has always coincided historically with the major market tops that occur around mid-cycle in years.
Merlijn the Trader shares a chart of BTC price movement from 2014 until now. He pointed out that the Bitcoin market peaked in May of the 2014 cycle before the subsequent decline by around 61%. A similar peak in May preceded an approximately 65% price drop. In 2022 the same pattern repeated itself, as Bitcoin reached a high in May, which led to an eventual market decline of 66%.
Across all three cycles, peak timing has been eerily constant, and May is the critical point that signals a downward trend. Merlijn The Trading believes that this current market cycle follows these historic trends.
According to the repeating structure, an analyst estimated a possible decline of 60.73% when Bitcoin hits a market peak in May. According to the recurring structure, an analyst estimated a possible downside of about 60.73 % after Bitcoin reaches its potential top this May. BTC currently trading above $78,000Such a steep decline would bring the price to around $33,000.
Analyst Outlines Bull And Bear Case Scenarios For Bitcoin
Ted Pillows has conducted a separate study. predicts Bitcoin is currently trading at $78,000. Here are two scenarios that could occur in the near future. He explained, “because the $75,000 level Has been a strong supporter of Bitcoin in the last few weeks. He believes it could be preparing for another major rally.
Pillows pointed out that Bitcoin has now approached the crucial resistance zone of $78,000-$80,000. The real test will begin in this area, he added. The analyst said that if Bitcoin is able to safely hold and reclaim this range, then the next step could be to jump into the Chicago Mercantile Exchange (CME) gap Around $86,000.
Chart also demonstrates this, showing BTC’s projected course towards the upper CME gaps. Pillows forecasts that the market will drop sharply once it reaches $86,000.
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In his bearish prediction, the analyst stated that, if Bitcoin is rejected at the resistance level of $78,000-$80,000, this could cause a bigger correction and push the price towards the $70,000 mark before it bounces back. A further decline could lead to an even steeper fall to $66,318.
Chart from TradingView, image featured from Unsplash
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Source: www.newsbtc.com
