Analyst: Bitcoin is forming a bottom, and now may be a good entry opportunity.

BlockBeats news, June 27, crypto analyst Ali Charts stated that Bitcoin chart signals indicate the market bottom is forming, and the current period may be one of the best long-term entry windows in the past decade. Over the past decade, the 200-week simple moving average (SMA) has been an important benchmark for identifying Bitcoin cycle bottoms. Historically, whenever Bitcoin touches or falls below this moving average, it usually opens a macro accumulation window. For example, in August 2015, Bitcoin touched the 200-week SMA and then started a bull run, rising over 8,500%; in December 2018, after testing this moving average, it rebounded 267%; during the liquidity shock in March 2020, Bitcoin verified the 200-week SMA support and then rose 1,125%; in June 2022, Bitcoin fell below this moving average for the first time and consolidated below it until December 2022, after reclaiming it, it rose 680%.

Currently, Bitcoin's 200-week SMA is at $63,500, while Bitcoin is trading at around $60,000, slightly below that level. Based on market history over the past decade, he believes this represents a major accumulation zone for long-term investors.

He also noted that Bitcoin could still drop further to $54,000, or even $40,000. Therefore, he suggests deploying positions in batches within the $58,000 to $40,000 range to establish positions in a technical discount zone. The key level to watch is $63,500. Once Bitcoin reclaims the 200-week SMA on higher timeframes and confirms it as macro support, historically, it usually indicates the early stage of a new bull cycle.