Bitcoin Pullback Has Ended? Analyst Declares “Worst Is Over”

After a stunning retrace, Bitcoin witnessed a notable recovery as Wednesday closes rising from the $61,000 price mark to $67,000, triggering hopes within the cryptocurrency community that a bullish movement might be imminent. However, the crypto asset has not exactly returned to the point it was a week ago, especially since BTC reached a new all-time high last week when it surged beyond $73,000. Bitcoin Correction Has Bottomed Out With Bitcoin surpassing its previous all-time high and rising even further to set a new peak of $73,000, March has been a momentous month for the cryptocurrency. And following the recent recovery, several cryptocurrency experts and traders believe that the recent price correction has reached rock bottom. Related Reading: Hold Your Horses: ‘Buying The Crypto Dip Is Still Too Early’ Warns Top Analyst — Here’s Why Crypto analyst and enthusiast, Crypto Jelle has offered a positive prediction regarding the price action of Bitcoin and its potential to move upward. His analysis delves into the current state of BTC’s price and the possibility of the retracement coming to an end. According to Crypto Jelle, the average correction in “this bull market is almost 20%.” Meanwhile, the pullback is “roughly 18% deep” presently. As a result, Jelle believes that “we have most likely witnessed the worst of the drop,” suggesting that the price might be ready to undergo full recovery.  Jelle claims that the fall “should be bottoming out” any moment from now. However, this might not be happening soon, since “these things take time to form,” urging the crypto community not to rush it. The post read: The average pullback in this bull market is almost 20%. …………

Featured image from iStock, chart from Tradingview.com