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Bitcoin (BTC), after weeks of consolidation, has started to rise, aiming for the $30,000 threshold. Considering the current price movement, investors are trying to identify potential signals for the next rally and possible accumulation zones.
BTC’s Price Might Have Finally Hit Bottom
Anonymous crypto analyst CryptoCon suggests that Bitcoin might have hit bottom in its current cycle and that the price represents a potential call for accumulation before the potential rise. CryptoCon’s analysis is based on the “Ultimate Oscillator,” a technical indicator that rarely signals Bitcoin hitting bottom in the past. This time, the indicator has moved into the cycle bottom zone outside the bottom point, indicating a unique and potentially significant change.
CryptoCon commented on the technical indicator, stating, “The Ultimate Oscillator indicates that Bitcoin has hit bottom in its current cycle. The indicator has moved into the cycle bottom zone outside the bottom level for the first time so far.” The analyst also added, “Bitcoin is clearly offering you one last opportunity for accumulation, but most people will waste it by making predictions and worrying about the macro outlook. The situation is really that simple.”
Bitcoin’s Offered Accumulation Opportunity
When it comes to cryptocurrencies, it is necessary to note that investors often struggle to balance short-term speculation and long-term vision. Many market analysts and experts, like CryptoCon, believe that Bitcoin offers a significant accumulation opportunity at the current prices.
In this scenario, the narrative that Bitcoin might have hit the cycle bottom outside the typical range could be compelling for those interested in accumulating or increasing their holdings in the largest cryptocurrency.
The leading cryptocurrency experienced a rise as investors anticipated the US government shutdown over the weekend. The possibility of a shutdown was temporarily shelved when the US Congress approved a 45-day temporary budget bill to avert the shutdown. This news further strengthened Bitcoin’s momentum, which had already gained traction from the shutdown rumors. The current data shows that BTC’s price has risen by 4.04% in the last 24 hours, reaching $28,327, indicating a strengthened momentum.
