Popular cryptocurrency expert and trader Javon Marks has made a bold forecast that contradicts the current mood of the Bitcoin market, predicting that the crypto asset will make a significant comeback to the pivotal $72,000 level. This bullish forecast is made in spite of Bitcoin’s recent difficulties, which have been marked by sharp price declines and widespread unfavorable market tendencies.

After failing to break above the $66,500 threshold last week, Bitcoin (BTC) is currently trading below the $62,000 support level, indicating that the cryptocurrency market is still quite erratic. However, several cryptocurrency analysts are confident that the downtrend will soon come to an end, predicting a notable recovery in the upcoming days.

Javon Marks’ analysis suggests that the recent decline in Bitcoin might be coming to an end, based on several technical indications and market factors such as the Relative Strength Index (RSI). He also highlights the creation of a bullish divergence pattern, which frequently precedes upward market movements, and refers to important support levels remaining solid between $56,000 and $60,000.

According to the expert, with BTC’s price holding while confirming a higher low and its RSI setting a lower low, the asset has validated a bullish pattern. Due to this, Javon Marks anticipates a price rebound to $72,000 and possibly to new all-time highs should this pattern hold.

The post read: Bitcoin (BTC), through its Price holding + confirming a Higher Low and its RSI setting a Lower Low, has confirmed a Bullish Pattern that can indicate a recovery back near $72,000, and a continuation may result in new all-time Highs being set.

The analyst further noted that the process might lead to a much larger stage of growth for the crypto asset, one that will see it constantly rise to unprecedented levels. Thus far, for investors and traders hoping for a possible conclusion to the recent bearish trend of BTC and a return to positive momentum, Javon Marks’ analysis provides a ray of light.

As BTC continues to witness bearish momentum, well-known cryptocurrency analyst and enthusiast Ali Martinez has underscored that now could be the right time to purchase the digital asset. According to the expert, the daily RSI of Bitcoin has reached the oversold area about 3 times in the past two years. As a result, BTC‘s price rallied by 60%, 63%, and 198% following each time the daily RSI hit the oversold territory.

Now, with the crypto asset falling below the $62,000 level and the daily RSI in the oversold territory again, Martinez believes that this might be an ideal opportunity to buy the dip. At the time of writing, Bitcoin was trading at $61,220, demonstrating a decline of over 6% in the past week. This decline extends to its market cap and trading volume, which are both down by 0.08% and 31%, respectively, in the past day.

Bitcoin has been experiencing a period of high volatility, with the cryptocurrency trading above $61,000 at the time of writing. This volatility is likely to continue in the short term, as investors and traders react to various market developments and news events. However, in the long term, Bitcoin’s price could potentially increase significantly if the cryptocurrency is able to continue growing and reaching a wider audience.

Overall, the potential for Bitcoin to reach the $72,000 mark is an exciting and potentially game-changing development. While there are many factors that could impact Bitcoin’s adoption rate and price, the cryptocurrency’s potential to challenge the dollar's status as the global reserve currency is a significant one. As such, investors and traders will be keeping a close eye on Bitcoin’s progress in the coming years, and will be looking for any signs that the cryptocurrency is poised for significant growth.

The cryptocurrency market is known for its volatility, and prices can fluctuate rapidly. As such, it is crucial to stay informed about market trends and sentiments. The put-call ratio is a valuable metric for assessing market sentiment, and its decrease is a positive sign for Bitcoin. However, investors must remain cautious and consider multiple factors before making investment decisions.

In addition to the put-call ratio, investors must consider other market indicators, such as trading volume and price charts, to make informed investment decisions. The cryptocurrency market is highly unpredictable, and prices can fluctuate rapidly. As such, investors must remain cautious and conduct thorough research before making investment decisions.