Crypto analyst Altcoin Sherpa recently suggested that Bitcoin has not yet reached its bottom and that the flagship crypto could still plummet to new lows. Meanwhile, other crypto analysts like this Mikybull Cypto have argued why the bottom has been reached and have suggested that Bitcoin is unlikely to fall below $50,000 again.
Bitcoin’s bottom is likely at the $40,000 range
Altcoin Sherpa mentioned in an X (formerly Twitter) after that it is more likely that Bitcoin will find its bottom at the Range of $40,000 instead of 50,000. He noted that this would mean “a few more nasty fuses, a few more liquidations and a little more pain,” as flagship crypto could still fall below the line. psychological level of $50,000.
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The analyst made these statements while predicting how the coming months could play out for Bitcoin and the broader crypto market. Altcoin sherpa added that he expects Bitcoin’s price to fluctuate over the next one to four months. He further predicted that the market would witness “temporary pockets of altcoin movement”, which led to euphoria among market participants.
Why the BTC Bottom Has Been Reached
Mikybull Crypto offered a different opinion and explained why the Bitcoin bottom is already in, with the flagship crypto unlikely to fall below $50,000. The habits Elliot Wave Theory Analyzing Bitcoin’s price action, the analyst said the chart shows the wave four macro correction is coming to an end. He noted 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, much like it did in 2020. The Relative Strength Index (RSI) is another indicator the analyst highlighted to indicate the macro bottom is located. He added that the Bank of Japan The certainty that there will be no further rate hikes until the market stabilizes has also helped reduce pressure on Japan’s carry trade.
Finally, Mikybull Crypto mentioned that Bitcoin’s funding rate is in negative territory, which usually leads to a short squeeze. He added that the trading volume of the Spot Bitcoin ETFs is at a new level accumulation of whales the last thirty days has never slowed down, which he says shows institutional investors offering instead of handing out.
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CEO of Cryptoquant Ki Young Ju recently revealed that 404,448 BTC have been moved to permanent holder addresses in the last 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 around $56,800, up more than 2% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com