Crypto analyst Maelius has hinted at Bitcoin’s historical performance to provide insight into how low the flagship crypto could fall before bottoming out. He alluded to it too the BTC.dwhich, according to him, shows that BTC has not yet reached a bottom.
How low can Bitcoin fall before it finds a bottom?
In one X messageMaelius shared a chart showing that Bitcoin could still fall below $60,000 before reaching a bottom. The analyst also highlighted the dominance of BTC (BTC.d), which he noted usually crashes after the flagship crypto reaches the top, but that hasn’t happened yet. He alluded to the 2017 and 2021 cycles, noting that they saw massive sell-offs and a low in BTC.d shortly after. Bitcoin at the top.
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Based on his comments, Maelius also raised the possibility that Bitcoin may not have reached its peak yet, which is why BTC.d is not crashing yet. He noted that fractal analysts say BTC has reached the topbut wondered why BTC.d hasn’t had a real sell-off yet and is only just positioned to have one relatively soon.
The analyst stated that you could argue that Bitcoin has not yet reached its peak and that it is still possible that the flagship crypto could go to previous highs even if BTC.d has yet to crash. He added that BTC.d had never been this high and never looked this bearish when BTC was already in a bear market. In an earlier X messagethe analyst stated that BTC was trying to confuse both parties.
However, he noted that higher prices are inevitable and will come soon enough as the structure remains bullish, and there is nothing bears can do about it until proven otherwise. Until then, he urged market participants not to give up their assets by selling them at a discount.
Analyst reiterates that BTC has reached its peak
Popular crypto analyst Benjamin Cowen has echoed this that Bitcoin has peaked, noting that VTC has always peaked in the fourth quarter of the month years after the halving. He suggested that the focus now should be on overcoming this bear market, which he said will last until the end of this year.
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He then referred to an earlier outline he made on how things could play out for Bitcoin through 2042. Cowen believes accumulation will occur between 2027 and 2028, which will then usher in the uptrend between 2029 and 2030. He predicted that BTC could rise between $300,000 and $500,000 in 2032 before another bear market between 2033 and 2033. 2034. The analyst predicted that Bitcoin would reach $1 million between 2040 and 2042 after the next bear market.
At the time of writing, the Bitcoin price is trading around $83,900, up in the past 24 hours. facts from CoinMarketCap.
Featured image of Pngtree, chart from Tradingview.com