Bitcoin is currently experiencing a significant price dip, dropping around 7.8% in the past three weeks, but analysts suggest that this dip may be setting up a rebound. Bitcoin has retaken its 50-day exponential moving average as support, a level that previously triggered a 25% rally. Analysts propose that a further drop into the $110,000–$112,000 range could establish a 'perfect bottom,' leading to another upward movement towards $148,250, which many anticipate around October. Furthermore, on-chain data indicates that the ongoing price dip may follow historical patterns, where three major profit-taking waves peaked after the launches of spot ETFs and elections in recent years. Each of these waves has preceded periods of price consolidation followed by substantial breakout rallies, suggesting that the current market may be poised for an upward trend following this cooling phase. Overall, the technical indicators and historical data provide a bullish outlook for Bitcoin's potential recovery and future price increase.

Source 🔗