Analyst Says Bitcoin Bottom Is Not In, Will Price Crash Below $50,000 Again? | CPT PPP Coverage
Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Analyst Says Bitcoin Bottom Is Not In, Will Price Crash Below $50,000 Again? appeared on www.newsbtc.com by Scott Matherson.
Crypto analyst Altcoin Sherpa recently suggested that the Bitcoin bottom isn’t yet in and that the flagship crypto could still drop to new lows. Meanwhile, other crypto analysts like Mikybull Cypto have made a case for why the bottom is in and suggested that it is unlikely that Bitcoin will drop below $50,000 again.
Bitcoin Bottom Is Likely At The $40,000 Range
Altcoin Sherpa mentioned in an X (formerly Twitter) post that Bitcoin is more likely to find its bottom at the $40,000 range rather than at 50,000. He noted that this would mean a “few more nasty wicks, a few more liquidations, and a bit more pain” as the flagship crypto could still drop below the psychological level of $50,000.
Related Reading
The analyst made these statements while predicting how the next few months could play out for Bitcoin and the broader crypto market. Altcoin Sherpa added that he expects Bitcoin’s price to range for the next one to four months. He further predicted that the market would witness “temporary pockets of altcoin moves,” leading to euphoria among market participants.
Why The BTC Bottom Is In
Mikybull Crypto offered a different view and explained why the Bitcoin bottom is already in, with the flagship crypto unlikely to drop below $50,000. Using the Elliot Wave Theory to analyze Bitcoin’s price action, the analyst mentioned that the chart shows that the wave four macro correction is ending. He remarked that wave five will take Bitcoin to a minimum target of $135,000, which should happen in the next few months.
Mikybull Crypto further alluded to the spike in the volatility index (VIX), which he noted usually signals a macro bottom, just like it did in 2020. The Relative Strength Index (RSI) is another indicator the analyst highlighted to show that the macro bottom is in. He added that the Bank of Japan’s assurance of no further rate hikes until the market stabilizes has also helped to reduce the pressure on Japan’s carry trade,
Lastly, Mikybull Crypto mentioned that Bitcoin’s funding rate is in negative territory, which usually leads to a short squeeze. He added that the Spot Bitcoin ETFs trading volume is on a new level, and whale accumulation for the past thirty days has never slowed, which he claimed shows that institutional investors are bidding rather than distributing.
Related Reading
Cryptoquant’s CEO Ki Young Ju recently revealed that 404,448 BTC have been moved to permanent holder addresses over the past 30 days. He suggested that institutional investors are likely the ones accumulating these bitcoins. The crypto founder added that retail investors would regret not buying the flagship crypto because they were afraid of the bearish narratives currently surrounding Bitcoin.
At the time of writing, Bitcoin is trading at around $56,800, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on www.newsbtc.com by Scott Matherson – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!