Crypto analyst Leshka has defined why it’s unlikely that the Bitcoin worth has bottomed even because it continues to try a restoration above $70,000. His evaluation additionally aligns with predictions from analysts akin 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 worth has by no means bottomed after a drawdown of simply 47%. He additional remarked that each bear market in historical past noticed a minimum of 78% drawdown from the highest. BTC notably noticed drawdowns of round 87%; 84%; and 73% in 2013, 2017, and 2021, respectively.
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As such, the analyst declared that the Bitcoin price is just not 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 not too long ago warned that the Bitcoin worth hasn’t discovered a macro backside, although he predicted that BTC may type an area backside between $57,000 and $60,000. In the long run, he nonetheless expects Bitcoin to drop beneath $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 yr. In the meantime, he predicts that the Bitcoin worth may see a reduction 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 section has switched from further bearish to bearish whereas bull flags have turned on for exchange flows, stablecoin liquidity progress, and worth momentum. However, he warned that the Bitcoin worth continues to be in a bear market and is solely seeing a reduction rally.
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Crypto analyst Benjamin Cowen noted that in bear markets, the Bitcoin worth will usually spend extra time going up than happening. However, when it goes down, it drops in a short time, then units a low, then developments 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 worth is buying and selling at round $69,300, down within the final 24 hours, based on data from CoinMarketCap.
Featured picture from Pixabay, chart from Tradingview.com
