Has Bitcoin Price Bottomed Yet? Analyst Says We’re Not There Yet
Crypto analyst Leshka has defined why it’s unlikely that the Bitcoin value has bottomed even because it continues to aim a restoration above $70,000. His evaluation additionally aligns with predictions from analysts corresponding to Doctor Profit, who predict that BTC could still drop to $40,000.
Analyst Explains Why Bitcoin Price Hasn’t Bottomed
In an X post, Leshka famous that the Bitcoin value has by no means bottomed after a drawdown of simply 47%. He additional remarked that each bear market in historical past noticed at the very least 78% drawdown from the highest. BTC notably noticed drawdowns of round 87%; 84%; and 73% in 2013, 2017, and 2021, respectively.
As such, the analyst declared that the Bitcoin price just isn’t but at a backside and that one other flush to the draw back is approaching. His accompanying chart confirmed that BTC may nonetheless drop to round $50,000 earlier than it finds a macro backside on this market cycle. Leshka famous that the main crypto continues to retest the $72,000 resistance and has failed to carry above it on each try. Based on this, he predicted {that a} drop to $55,000 is subsequent.
Crypto analyst Doctor Profit additionally just lately warned that the Bitcoin value hasn’t discovered a macro backside, although he predicted that BTC may type a neighborhood backside between $57,000 and $60,000. In the long run, he nonetheless expects Bitcoin to drop under $50,000 and into the low $40,000, which he believes will mark the macro backside.
Doctor Profit acknowledged that the main crypto may discover a backside between September and October later this 12 months. In the meantime, he predicts that the Bitcoin value may see a aid bounce or proceed buying and selling sideways earlier than recording one other leg to the draw back.
BTC Is In The ‘Relief Rally’ Phase
In an X post, crypto analyst Julio Moreno famous that the Bitcoin Bull Score Index has reached 30, its highest degree since late October. The index part has switched from further bearish to bearish whereas bull flags have turned on for exchange flows, stablecoin liquidity progress, and value momentum. However, he warned that the Bitcoin value continues to be in a bear market and is solely seeing a aid rally.
Crypto analyst Benjamin Cowen noted that in bear markets, the Bitcoin value will usually spend extra time going up than taking place. However, when it goes down, it drops in a short time, then units a low, then traits again up for a number of weeks to months earlier than dropping once more. “You can see the change in market structure from bull to bear,” he added.
At the time of writing, the Bitcoin value is buying and selling at round $69,300, down within the final 24 hours, in accordance with data from CoinMarketCap.
