Not $60,000: Analyst Reveals The Best Time To Actually Start Buying Bitcoin

Crypto analyst Merlijn The Trader argues that Bitcoin's $60,000 level is a false support and that the real buying opportunity lies lower, between $48,000-$59,000, based on a Wyckoff accumulation model comparison to 2022. The analysis suggests that any near-term bounce above $65,000-$70,000 will trap late buyers before a spring phase decline occurs.

Merlijn The Trader's technical analysis applies the Wyckoff accumulation framework to current Bitcoin price action, drawing parallels to the 2022 market cycle. The analyst contends that Bitcoin is currently in the early phases of a similar pattern, where an initial bounce creates false optimism among retail investors before institutional accumulation truly begins. This thesis challenges the conventional support level at $60,000, which while technically significant near the 200-week moving average, may not represent genuine buying pressure.

The Wyckoff model identifies five distinct phases: a selling climax halts downtrends, range-building allows accumulation, a spring phase delivers final shakeouts, markup begins within the range, and finally a breakout triggers uptrends. Merlijn positions the current market in the early-to-middle portions of this cycle, with the critical spring phase still ahead. Historical precedent from 2022 suggests that Bitcoin bottomed around $15,500, bounced to $23,000 where retail capitulated, then suffered a secondary decline before genuine recovery emerged.

The practical implication centers on dollar-cost averaging strategy. Rather than aggressively accumulating during the current bounce, Merlijn advocates patience for entry points between $48,000-$59,000, expecting Bitcoin will decline further before sustainable uptrends materialize. This contrarian positioning against current $62,891 levels suggests that investors chasing near-term relief rallies risk repeating 2023's mistakes when false recoveries preceded deeper losses. The analysis demands psychological discipline from traders accustomed to FOMO-driven entries during bounce phases.

• →The $60,000 support level may be misleading despite proximity to the 200-week moving average and near-term technical significance.
• →Merlijn expects a spring phase decline to $50,000 followed by a bounce to $65,000-$70,000 that will trap bullish traders.
• →The optimal dollar-cost averaging zone is positioned between $48,000-$59,000 according to Wyckoff accumulation phase analysis.
• →Bitcoin's current structure mirrors 2022's pattern where bounces preceded secondary selloffs before institutional accumulation accelerated.
• →Patient investors should wait for maximum fear conditions in the $48,000-$59,000 range rather than entering during relief rallies.