Popular cryptocurrency expert and trader Javon Marks made a bold move forecast This contradicts the current Bitcoin market mood, predicting that the crypto asset will make a significant return to the pivot level of $72,000. This bullish forecast comes despite Bitcoin’s recent struggles, marked by sharp price declines and widespread adverse market trends.
Bitcoin Poised to Rebound Significantly to $72,000
After failing to cross the $66,500 threshold last week, Bitcoin (BTC) is currently trading below the $62,000 support level, indicating that the cryptocurrency market is still quite choppy. However, several cryptocurrency analysts are confident that the downtrend will end soon, predicting a notable recovery in the coming days.
Javon Marks’ analysis suggests that Bitcoin’s recent decline may be coming to an end, based on several technical indications and market factors such as the Relative Strength Index (RSI).
It also highlights the creation of a bullish divergence trend, which frequently precedes bullish market movements, and refers to important support levels remain strong between $56,000 and $60,000.
According to the expert, with BTC price holding while confirming a higher low and its RSI setting a lower low, the asset has validated an uptrend. For this reason, Javon Marks expects a price rebound to $72,000 and possibly new all-time highs if this trend continues.
The message said:
Bitcoin (BTC), via its price hold + confirming a higher low and its RSI setting a lower low, has confirmed an uptrend that may indicate a recovery near $72,000, and a continuation could result in the establishing new all-time highs.
The analyst further noted that the process could lead to a much bigger stage of growth for the crypto asset, which will see it consistently reach unprecedented levels. Until now, for investors and traders hoping for an eventual conclusion to BTC’s recent downtrend and a return to positive momentum, Javon Marks’ analysis provides a ray of light.
A perfect time to buy the digital asset
As BTC continues to see bearish momentum, Ali Martinez, a well-known cryptocurrency analyst and enthusiast, has underlines this could be a good time to buy the digital asset.
According to the expert, Bitcoin’s daily RSI has reached the oversold zone around 3 times in the last two years. Therefore, BTCThe price of rose 60%, 63%, and 198% after each time the daily RSI reached oversold territory.
Now that the crypto asset is falling below the $62,000 level and the daily RSI is back in oversold territory, Martinez believes this could be an ideal opportunity to buy the dip.
At the time of writing, Bitcoin was trading at $61,220, demonstrating a decline of over 6% over the past week. This decline extends to its market capitalization and trading volume, which have both declined by 0.08% and 31%, respectively, over the past day.
Featured image of Adobe Stock, chart from Tradingview.com
