Crypto analyst Merlijn revealed that Bitcoin has just re-entered DCA areaindicates that it is a good time to buy BTC. The leading crypto has already started another pullback, rising to the psychological $70,000, which has been a resistance level until today.
Bitcoin is re-entering the DCA zone as prices see yet another rally
In one X postMerlijn stated that Bitcoin has just entered the DCA zone on the rainbow chart and BTC is now returning to the DCA zone. He noted that every time this happened, there was a public rally. At the same time, when retail investors panicked and sold. The analyst added that this table has never been wrong.
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In another X postMerlijn argued that Bitcoin has reached a critical level, especially as it continues to trade in a narrow range of $60,000 to $70,000. He showed the accompanying diagram BTC can grow over $120,000 if it has this level of support. However, further declines are likely if it fails to sustain this current range.
The analyst also revealed that Bitcoin reflects up 2021 with exactly the same sequence, peaks and structure. He noted that 2021 ended with a final swim before recovery. Merlijn said the $60,000 level is the last line of defense and holding it means buyers are taking control. However, a decline below this level leaves liquidity clusters as the next targets below.
Bitcoin has seen a sharp recovery since the last flood below, and the analyst is confident that it will not happen again this time. Crypto analysts like Benjamin Cowen have predicted that BTC could recover in the second half of this year as part of a 4-year cycle.
Peter Brandt predicts a BTC crash
Veteran trader Peter Brandt predicted that Bitcoin could go up. In one X postReferring to BTC’s daily and weekly charts, he said, “A big banana is forming a small banana – and this shows that there is a banana split.” His accompanying chart showed that the flagship crypto could rise to $82,500 by April.
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In the long term, Brandt predicted that Bitcoin could rise to $120,000 and possibly $280,000. His prediction will come in a few days admitted that BTC may be in the midst of a bullish return. The veteran trader said that he saw it Bitcoin rose to $74,000 at that time as a significant change in price behavior since last October.
At the time of writing, the price of Bitcoin is reportedly around $69,900, up more than 3% in the last 24 hours. information from CoinMarketCap.
Featured image from Pngtree, chart from Tradingview.com
