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\n\t\t\t\t\t\t\t\t\tThe bottom might be just around the corner, said Martinez.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin\u2019s price went through a highly volatile and mostly painful ride throughout June, dumping to a multi-year low first at $59,000 before another one at $58,000.<\/p>\n
Analysts continue to debate whether this cycle\u2019s bottom has been reached or not, but Ali Martinez recently published a post on his views about the current accumulation zone and whether it\u2019s a proper entry level.<\/p>\n
In the post specifically designated to bitcoin\u2019s 200-week Simple Moving Average (SMA), the popular analyst noted that the asset has rarely traded below it for a longer period. And when it has dipped below it, the subsequent rally has shown that those moments \u201chave consistently marked exceptional long-term accumulation opportunities.\u201d<\/p>\n
Since the 200-week SMA currently sits at $63,500, a level that BTC lost earlier this week, Martinez concluded<\/a> that \u201cThis is exactly when you want to deploy a dollar-cost averaging strategy.\u201d<\/p>\n In the more detailed post on BTC\u2019s market structure, though, the analyst admitted that bitcoin trading below the 200-week SMA doesn\u2019t necessarily mean it has bottomed out. In fact, he noted that the asset can still dip further south and outlined potential targets at $54,000 or even $40,000. If that\u2019s the case, investors might want to double down on their DCA strategy, he argued.<\/p>\n \u201cSpreading buy orders across the $58,000 to $40,000 range allows you to build a position while the asset trades at a technical discount.\u201d<\/p>\n<\/blockquote>\n Martinez believes $63,500 remains BTC\u2019s most significant level now, as if it registers a \u201chigh-timeframe reclaim of the 200-week SMA as macro support,\u201d it would suggest the early stages of a new bull run.<\/p>\n Each leg down opens the door for analysts to continue the always-hot debate<\/a> over whether the bottom is in or if more pain lies ahead. Martinez brought up BTC\u2019s historical performance after the aforementioned 200-week SMA came into play. Each of his four examples delivered massive gains after bitcoin tested that level in 2015, 2018, 2020, and 2022.<\/p>\n As such, he determined that the bottom is \u201calmost in\u201d and outlined the precise gains registered from bottom to top.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
When Bottom?<\/h2>\n
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