Bitcoin could be setting the stage for a major reversal, according to crypto analyst BTCEarth. In a recent post on X, the analyst pointed to a key support zone that continues to hold firm, reinforcing the possibility of a bottom formation. Notably, the analyst said the price action has “respected the long-standing blue support line”, originally established around the “Trump rally breakout.” Current structure suggests a “possible bottom formation near this zone, supported by volume and historical price behavior.” With volume backing the move and historical price behavior aligning, BTCEarth believes the current structure may mark the early signs of a bullish turnaround for Bitcoin. Impending Price Recovery For Bitcoin? BTCEarth pointed out that the blue horizontal support line on his chart aligns closely with Bitcoin’s early breakout in September 2024. This level has since acted as a crucial support zone, having been retested multiple times throughout the past months. Notably, the most recent price touches at $74,434 and $74,588 appear to have formed another significant bottom. Related Reading: Bitcoin Poised For W-Bottom Reversal, Says Legendary Trader Bollinger Accor ..
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