Crypto expert Merlijn has announced that Bitcoin has re-entered the DCA zone, suggesting it’s an opportune moment to invest in $BTC. The leading cryptocurrency is already showing signs of recovery, climbing towards the psychological barrier of $70,000, which has historically acted as a significant resistance point.
Bitcoin Reenters DCA Zone As Price Eyes Another Rally
In a recent post on X, Merlijn highlighted that Bitcoin is back in the DCA zone according to the rainbow chart. He pointed out that every time this situation occurred previously, it was followed by substantial rallies. Interestingly, this tends to coincide with moments when retail investors panic and sell off their holdings. The analyst emphasized that this chart’s predictions have always proven accurate.
In another update on X, Merlijn noted that Bitcoin is at a pivotal point as it continues to trade within a narrow range between $60,000 and $70,000. His analysis indicated that if $BTC maintains its support level here, it could potentially surge past $120,000. However, he cautioned about the risk of a more significant downturn if Bitcoin fails to sustain its current trading range.
The analyst also observed that Bitcoin’s current price action closely resembles its trajectory from 2021—showing similar patterns with lower highs and structural similarities. He mentioned how 2021 concluded with one last drop before recovering strongly. According to Merlijn’s assessment, maintaining above the $60K mark would indicate buyer dominance; conversely, dropping below could trigger liquidity clusters as new targets for traders.
A violent rebound followed after last year’s final drop below key levels; thus far indicating confidence among analysts like Benjamin Cowen who predict $BTC‘s recovery might occur in the latter half of this year as part of its four-year cycle.
Peter Brandt Predicts A Breakout For $BTC
Renowned trader Peter Brandt anticipates an upward breakout for Bitcoin. In his latest post on X regarding daily and weekly charts for $ BTC , he remarked about “the Big Banana forming a Little Banana — signaling an impending Banana Split.” His accompanying analysis suggested potential gains up to $82K by April.
Looking further ahead long-term，Brandt forecasted prices could soar up towards either $120K or even reach heights around $280K。This prediction comes shortly after he acknowledged possible bullish reversal trends occurring within $ BTC 。He viewed $ BTC ’s rise toward $74K during previous times as indicative changes compared against price behaviors since last October’s peak。
As per current data from CoinMarketCap，Bitcoin trades at approximately $69 ,900，reflecting over three percent growth within just twenty-four hours。
Featured image from Pngtree; chart sourced from Tradingview.com