Bitcoin Recovery In Sight? Analyst Foresees BTC Revisiting $72,000 Soon

Popular cryptocurrency expert and trader Javon Marks has made a daring forecast that contradicts the current mood of the Bitcoin market, predicting that the crypto asset will make a significant comeback to the pivotal $72,000 level. This bullish forecast is made in spite of Bitcoin’s recent difficulties, which sharp price declines and widespread unfavorable market tendencies have marked.

Bitcoin Poised For Significant Rebound To $72,000

After failing to break above 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 erratic. However, several cryptocurrency analysts are confident that the downtrend will soon come to an end, predicting a notable recovery in the upcoming days.

Javon Marks’ analysis suggests that the recent decline in Bitcoin might be coming to an end, based on several technical indications and market factors such as the Relative Strength Index (RSI). 

He also highlights the creation of a bullish divergence pattern, which frequently precedes upward market movements, and refers to important support levels remaining solid between $56,000 and $60,000.

According to the expert, with BTC’s price holding while confirming a higher low and its RSI setting a lower low, the asset has validated a bullish pattern. Due to this, Javon Marks anticipates a price rebound to $72,000 and possibly to new all-time highs should this pattern hold.

The post read:

Bitcoin (BTC), through its Price holding + confirming a Higher Low and its RSI setting a Lower Low, has confirmed a Bullish Pattern that can indicate a recovery back near $72,000, and a continuation may result in new all-time Highs being set.

The analyst further noted that the process might lead to a much larger stage of growth for the crypto asset, one that will see it constantly rise to unprecedented levels. Thus far, for investors and traders hoping for a possible conclusion to the recent bearish trend of BTC and a return to positive momentum, Javon Marks’ analysis provides a ray of light.

An Ideal Time To Purchase The Digital Asset

As BTC continues to witness bearish momentum, well-known cryptocurrency analyst and enthusiast Ali Martinez has underscored that now could be the right time to purchase the digital asset.

According to the expert, the daily RSI of Bitcoin has reached the oversold area about 3 times in the past two years. As a result, BTC‘s price rallied by 60%, 63%, and 198% following each time the daily RSI hit the oversold territory.

Now, with the crypto asset falling below the $62,000 level and the daily RSI in the oversold territory again, Martinez believes that this might 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% in the past week. This decline extends to its market cap and trading volume, which are both down by 0.08% and 31%, respectively, in the past day.