Has Bitcoin Price Bottomed Yet? Analyst Says We’re | Crypto News
Crypto analyst Leshka has explained why it’s unlikely that the Bitcoin price has bottomed even as it continues to attempt a recovery above $70,000. His analysis also aligns with predictions from analysts such as Doctor Profit, who predict that BTC might still drop to $40,000.
Analyst Explains Why Bitcoin Price Hasn’t Bottomed
In an X post, Leshka famous that the Bitcoin price has never bottomed after a drawdown of just 47%. He additional remarked that every bear market in historical past noticed at least 78% drawdown from the top. BTC notably noticed drawdowns of around 87%; 84%; and 73% in 2013, 2017, and 2021, respectively.
As such, the analyst declared that the Bitcoin price isn’t yet at a backside and that another flush to the draw back is approaching. His accompanying chart confirmed that BTC might still drop to around $50,000 before it finds a macro backside in this market cycle. Leshka famous that the main crypto continues to retest the $72,000 resistance and has failed to maintain above it on every attempt. Based on this, he predicted that a drop to $55,000 is next.
Crypto analyst Doctor Profit also not too long ago warned that the Bitcoin price hasn’t discovered a macro backside, though he predicted that BTC might kind a local backside between $57,000 and $60,000. In the long time period, he still expects Bitcoin to drop below $50,000 and into the low $40,000, which he believes will mark the macro backside.
Doctor Profit said that the main crypto might discover a backside between September and October later this yr. In the meantime, he predicts that the Bitcoin price might see a aid bounce or continue trading sideways before recording another 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 stage since late October. The index part has switched from additional bearish to bearish while bull flags have turned on for exchange flows, stablecoin liquidity growth, and price momentum. However, he warned that the Bitcoin price is still in a bear market and is solely seeing a aid rally.
Crypto analyst Benjamin Cowen famous that in bear markets, the Bitcoin price will often spend more time going up than going down. However, when it goes down, it drops in a short time, then units a low, then trends back up for a few weeks to months before dropping again. “You can see the change in market structure from bull to bear,” he added.
At the time of writing, the Bitcoin price is trading at around $69,300, down in the last 24 hours, according to data from CoinMarketCap.
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