Cryptocurrency Analyst Altcoin Sherpa It was recently suggested that bitcoin has not yet bottomed out and that the flagship cryptocurrency could still fall to new lows. Meanwhile, other cryptocurrency analysts such as bitcoin-gets-156000-price-tag/” rel=”nofollow”>Mikybull Encryption They have argued why the bottom was reached and suggested that bitcoin is unlikely to fall below $50,000 again.
bitcoin price likely to bottom in the $40,000 range
Altcoin Sherpa mentioned on an x (formerly twitter) x.com/AltcoinSherpa/status/1820550966753501449″ rel=”nofollow”>mail that bitcoin is more likely to bottom in the bitcoin-crashes-btc-may-plunge-to-40000/” rel=”nofollow”>$40,000 range instead of 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 cryptocurrency could still fall below the psychological level of $50,000.
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The analyst made these statements while predicting how the next few months could play out for bitcoin and the cryptocurrency market in general. Altcoin Sherpa He added that he expects the bitcoin price to remain range-bound for the next one to four months. He further predicted that the market would witness “ethereum-breakout/” rel=”nofollow”>Temporary pockets of altcoin movements”, which generated euphoria among market participants.
Why has the btc price hit bottom?
Mikybull crypto offered a different view and x.com/MikybullCrypto/status/1821049447494607069″ rel=”nofollow”>explained because the bitcoin-bottom-20-decline/” rel=”nofollow”>bitcoin is at its lowest point is already live, and the flagship cryptocurrency is unlikely to fall below $50,000. bitcoin-161800-target-fibonacci-elliott-wave-theory/#:~:text=Examining%20Market%20Cycles%20With%20Elliott%20Wave%20Theory&text=Elliott%20Wave%20Theory%20believes%20that,against%20it%20as%20corrective%20phases.&text=Relationships%20with%20Fibonacci%20are%20everywhere%20in%20Elliot%20Wave%20Theory.” rel=”nofollow”>Elliot Wave Theory To analyze the bitcoin price action, the analyst mentioned that the chart shows that the macro correction of wave four is ending. He remarked that wave five will take bitcoin to a minimum target of $135,000, which should happen in the coming months.
Mikybull crypto further alluded to the increase in the bitcoin-volatility-nasdaq-sp500/” rel=”nofollow”>volatility index (VIX), which he noted usually indicates a macroeconomic bottom, as was the case in 2020. The Relative Strength Index (RSI) is another indicator that the analyst highlighted to show that the macroeconomic bottom is there. He added that the Bank of Japan The assurance that there will be no further rate hikes until the market stabilises has also helped to reduce pressure on Japan's carry trade.
Lastly, Mikybull crypto mentioned that the bitcoin funding rate is in negative territory, which usually leads to a short squeeze. He added that the trading volume of spot bitcoin ETFs is at a new high and bitcoin-wallets-holding-10-or-more-btc-surges/” rel=”nofollow”>whale accumulation For the past thirty days it has never decreased, which, according to him, shows that institutional investors They are bidding rather than distributing.
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bitcoin-moves/#:~:text=However%2C%20Ki%20Young%20Ju%2C%20the,as%20significant%20as%20it%20seems.” rel=”nofollow”>Ki Young Ju, CEO of Cryptoquant He recently revealed that 404,448 btc have been transferred to permanent holder addresses in the past 30 days. He suggested that institutional investors are likely to be the ones accumulating these bitcoins. The cryptocurrency founder added that retail investors would regret not buying the flagship cryptocurrency because they were afraid of the bearish narratives currently surrounding bitcoin.
At the time of writing, bitcoin is trading around $56,800, up more than 2% in the past 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
