Last week, the leading cryptocurrency Bitcoin (BTC) temporarily surged above $88,000, only to drop back to $84,000 shortly after. Analyst Omkar Godbole suggests that Bitcoin may be showing an upward trend and has bottomed at $76,000.
Current Bitcoin Market Situation
During the recent surge, Bitcoin reached a price of $88,000, but soon retreated to $84,000. This decline was accompanied by market analysis suggesting a possible bottom formation.
Analysis by Omkar Godbole
Analyst Omkar Godbole believes Bitcoin established a bottom at $76,000 and is now showing signs of an upward trend. Since March 10, after hitting the bottom, Bitcoin is forming a triangle bottom pattern characterized by higher lows. Similar corrections occurred during the US spot ETF launch and the August 2024 yen carry trade pullback.
Potential Risks and Prospects
Despite signals of potential bullish momentum, such as sellers' exhaustion, macroeconomic risks that could impact the trend remain. External factors like tariffs are examples of elements that might disrupt the current trend.
Analyst Omkar Godbole expresses confidence that Bitcoin has bottomed and may soon start rising. However, investors should take potential macroeconomic risks into account.
