Bitcoin’s Journey: Analysts Predict Further Drops Ahead
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The current market conditions for Bitcoin suggest that the cryptocurrency has not yet reached its lowest point, according to crypto analyst Leshka. Despite Bitcoin’s efforts to maintain a position above $70,000, Leshka’s insights echo warnings from other analysts who foresee potential declines for the cryptocurrency.
In a recent post on social media platform X, Leshka highlighted historical trends, noting that Bitcoin typically doesn’t find its bottom after a mere 47% decline. He explained that past bear markets have consistently shown drawdowns of at least 78% from their peak values. Notably, Bitcoin recorded significant decreases of 87%, 84%, and 73% in the cycles of 2013, 2017, and 2021, respectively.
Given these patterns, Leshka expressed concern that a further drop is on the horizon. His analysis included a chart suggesting Bitcoin could still plunge to approximately $50,000 before identifying a macro bottom in the current cycle. He pointed out that Bitcoin has struggled to maintain momentum above the $72,000 resistance level and anticipates a fall to around $55,000 soon.
Doctor Profit, another prominent analyst in the crypto space, echoed Leshka’s sentiments, stating that Bitcoin has yet to find its macro bottom. According to his analysis, while a local bottom might occur between $57,000 and $60,000, he predicts a extensive decline beneath $50,000, potentially reaching the low $40,000 range, which he believes could signify the macro bottom.
Profit speculated that Bitcoin might discover this bottom between September and October of this year. Until then, he envisions either a temporary bounce or sideways trading, but ultimately anticipates another descent.
Additionally, analyst Julio Moreno noted an uptick in the Bitcoin Bull Score Index, which recently peaked at 30, its highest since late October. While this indicates a shift from extreme bearishness to a more cautious stance, Moreno cautioned that Bitcoin is still amidst a bear market, merely experiencing a relief rally.
Benjamin Cowen further elaborated on the behavior of Bitcoin during bear markets, noting that prices tend to rise more significantly than they fall, but when declines occur, they happen rapidly. He emphasized the transition in market structure from bullish to bearish phases.
As of now, Bitcoin’s price hovers around $69,300, reflecting a slight decrease over the past day. The current landscape indicates that traders and investors should brace themselves for potential volatility in the near future.
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