Analyst: Bitcoin is Forming a Bottom, Currently in a Good Position to Enter

BlockBeats News, June 27, Crypto analyst Ali Charts stated in a post that the Bitcoin chart signal indicates the market bottom is forming, and the current period may be one of the better long-term entry windows in the past decade. Over the past decade, the 200-week Simple Moving Average (SMA) has been a key benchmark for identifying Bitcoin market cycle bottoms. Historically, whenever Bitcoin touched or fell below this moving average, it often marked the beginning of a macro accumulation phase. For example, in August 2015, Bitcoin touched the 200-week SMA, leading to a bull market and a subsequent increase of over 8500%; in December 2018, after testing this moving average, it rebounded by 267%; during the liquidity crisis in March 2020, Bitcoin bounced back after validating the 200-week SMA support, resulting in a 1125% rise; in June 2022, Bitcoin first fell below and consolidated below this moving average until December 2022, before reclaiming it and initiating a 680% surge.

Currently, the Bitcoin 200-week SMA is at $63,500, while the Bitcoin trading price is around $60,000, slightly below this level. Based on the market history of the past decade, it is believed that this represents a significant accumulation zone for long-term investors.

At the same time, it is suggested that Bitcoin may still decline further to $54,000, or even $40,000. Therefore, it is recommended to gradually accumulate positions in the range of $58,000 to $40,000, to build positions in the technical discount zone. It is crucial to focus on the $63,500 level; once Bitcoin reclaims the 200-week SMA on high timeframes and confirms it as macro support, historically, this often signifies the early stage of a new bull market.