Bullish Case Emerges For Bitcoin, BTC Price May Hit $80,000

The leading cryptocurrency Bitcoin prices have yet again plunged hard below the crucial support levels at $20,400 and fallen across 5.5 percent to mark monthly lows below $19,400. At the same time, the market participants controlled to halt the bearish trend but are unable to uplift the price above the bearish captivity.

According to Coinpedia, a more descending trend many eventually compel the price to again fall below $19,000, which may induce a notable catapult action to propel high. Mentioning about a famous analyst On-Chain College who believes it could be a better time to buy Bitcoin as buys at these levels have historically manufactured excellent returns in the long run.



The score which is difference between the realized value and the fair value called MVRV-Z determines whether the asset is overvalued or else undervalued. In the currency situation, the score has fallen tremendously, stating that BTC is trading within an undervalued region. Therefore, the analyst compares the previous touchpoints and predicts that buying at these levels could be highly profitable, as it has been each time in the past.

 

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Just like other cryptocurrencies, Bitcoin has been trading in the undervalued zone using the RSI on higher time frames like the weekly and daily charts. While this indicator is overlooked because it's best used with others to make final trading decisions, I do find it helpful when buying especially for long term.

You can start DCA when a coin goes into the oversold zone, and it will definitely rise again someday, and you start looking for sell opportunities in the overbought zone.

This bear market has also gone as long as the other ones did, and there are some signs of accumulation by people. We Amy still go lower since no one knows the bottom except in hindsight, but we are pretty close to that point. It's also possible to make short term gains on these price swings that occur after a significant downtrend, as far as you know when to take profits or cut your losses.