Crypto Analyst MilkyBull Predicts Bitcoin Surge Amid Market Volatility

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In a riveting race within the dynamic domain of cryptocurrency markets, ascertaining the nadir of Bitcoin’s price correction is becoming a thunderous topic seizing the attention of both investors and analysts. Among the spectators is esteemed cryptocurrency analyst and trader, MilkyBull, ready and raring to share his enlightening projections, arguing that a specific occurrence has marked Bitcoin’s local bottom.

Riding the wave towards recovery from being endangered in bear market territory over the weekend, Bitcoin, nevertheless, faced a nominal decline in its price on Monday. Regardless, MilkyBull remains unwavering in his faith, maintaining that this recent drawback might conversely be the final turn of the tide before Bitcoin gears up to surge upwards.

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MilkyBull, wielding the authority of his expertise, points out that considering the forthcoming liquidity procurement interest is pegged above $64,557, Bitcoin’s local bottom is now settled in place. Consequently, before stampeding towards its existing all-time zenith of $73,000, Bitcoin will initially hurdle past the $67,000 price threshold and consolidate. Thus, Bitcoin could potentially bridge the CME gap either preceding or following the elimination of liquidity above $64,975.

The CME gap is an intriguing price anomaly appearing between the Friday winding-up price and the Sunday commencement prices in the Chicago Mercantile Exchange (CME) Bitcoin futures spectacle. MilkyBull regards this development as a lucrative ploy for the long trade, signaling an advantageous procurement opportunity for bullish Bitcoin investors.

Proffering further enlightenment, MilkyBull directs attention to an earlier analysis suggesting that Bitcoin might soon be bracing for a bullish rally, in light of historical patterns. He observes that the 2017 price trend demonstrates that whenever Bitcoin broke through a new all-time high, it executed a sturdy retrieval fueled by liquidity prior to soaring to a cycle pinnacle.

As Bitcoin could be echoing this pattern, MilkyBull implies that Bitcoin might have weathered its ultimate drawdown and a leap towards the upside may well be on the horizon. He further supports this by confirming that the present consolidation range bears a strong parallel to the preceding consolidation, which began to take shape from December 2023 to February 2024.

MilkyBull identifies this pattern as a cunning ruse employed by market makers (MMs) aimed at ousting the short-term holders (STHs), who are especially susceptible to detrimental price corrections under their cost base.

While MilkyBull is foreseeing a bullish rally, market pundit Benjamin Cowen envisions the leading cryptocurrency asset taking a downward spiral in days to come. Cowen asserted last week that Bitcoin’s Return on Investment (ROI), a mere 12 days after the Bitcoin Halving event, has been one of its poorest performances so far. According to Cowen, this slump in ROI was never seen before as this is Bitcoin’s first time breaching a new all-time high pre-Halving.

A week has slipped by since Cowen’s pronouncement, without Bitcoin’s ROI showing an iota of improvement. Drawing parallels with the 2016 scenario, Cowen foresees Bitcoin bracing for a drop in the week ahead. Bitcoin, as of this writing, strikes a price tag of $63,970, boasting an uptick of over 3% in the past week. Its market cap might have slightly deflated by 1.17%, but its daily trading volume has shown a surge, increasing by a commendable 40%. The rollercoaster journey of Bitcoin continues, with protective eyes trained on its every rise and fall.