Crypto analyst Leshka explained why Bitcoin price is unlikely to bottom, even though it continues to try to recover above $70,000. His analysis is also consistent with the predictions of analysts such as Doctor Profit. $BTC may still fall Up to $40,000.
Analyst explains why Bitcoin price won’t bottom out
in ×postLeshka pointed out that Bitcoin price has never bottomed out with a drawdown of only 47%. He further stated: bear market Historically, we have seen drawdowns of at least 78% from the top. $BTC In particular, a drawdown of approximately 87% was observed. 84%; 73% in 2013, 2017, and 2021.
As such, the analyst declared: bitcoin price has not yet reached the bottom, and we believe another flush to the downside is near. His attached graph showed the following $BTC It could still fall to around $50,000 before finding a macro bottom in this market cycle. Leshka noted that the major cryptocurrencies continued to retest the $72,000 resistance level and failed to break above it on each attempt. Based on this, he predicted the next drop to $55,000.
Cryptocurrency analyst Dr.Profit Although he recently warned that Bitcoin prices have yet to find a macro bottom, he predicted: $BTC A local bottom is likely to form between $57,000 and $60,000. He still expects Bitcoin to fall below $50,000 to low $40,000 in the long term, which he believes will mark a macro bottom.
Dr. Proffitt said major cryptocurrencies could find a bottom between September and October later this year. In the meantime, he expects the price of Bitcoin to either bounce back in relief or continue trading sideways before hitting a lower level.
$BTC At the “relief rally” stage
in ×postcrypto analyst Julio Moreno noted that the Bitcoin Bullscore index has reached 30, its highest level since late October. The index phase has switched from super bearish to bearish and the bullish flag has been turned on. exchange flowincreasing stablecoin liquidity, price momentum. However, he cautioned that Bitcoin prices are still in a bear market and are simply seeing a bailout rally.
crypto analyst Benjamin Cowen pointed out In a bear market, Bitcoin prices often rise for longer than they fall. However, when they do fall, they tend to fall very quickly, hitting a low and then falling again over a period of weeks or months. “I see changes. market structure From bull to bear,” he added.
As of this writing, the price of Bitcoin has fallen over the past 24 hours and is trading at around $69,300. data From CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com