Crypto analyst Leshka has explained why Bitcoin price is unlikely to have bottomed even if it continues to try to recover above $70,000. His analysis is also consistent with predictions from analysts such as Doctor Profit, who predict that BTC can still fall up to $40,000.
Analyst explains why Bitcoin price has not yet bottomed out
In one X messageLeshka noted that Bitcoin price never bottomed after dropping just 47%. He further noted that every bear market historically, at least 78% of the top has been withdrawn. Notably, BTC saw a decline of around 87%; 84%; and 73% in 2013, 2017 and 2021 respectively.
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That is what the analyst stated the Bitcoin price is not yet at the low point and that another downward flush is coming. His accompanying chart shows that BTC can still fall to around $50,000 before hitting a macro bottom in this market cycle. Leshka noted that the leading crypto continues to test the $72,000 resistance and has failed to break above it on every attempt. Based on this, he predicted that a drop to $55,000 would be next.
Crypto analyst Doctor Profit also recently warned that the Bitcoin price has not found a macro bottom, although he predicted that BTC could form a local bottom between $57,000 and $60,000. In the long term, he still expects Bitcoin to fall below $50,000 and move into the low $40,000s, which he believes will mark the macro bottom.
Doctor Profit stated that the leading crypto could find a bottom later this year between September and October. In the meantime, he predicts that the Bitcoin price could see a relief or continue trading sideways before another downturn.
BTC is in the phase of the ‘Relief Rally’
In one X messageCrypto analyst Julio Moreno noted that the Bitcoin Bull Score Index has reached 30, the highest level since late October. The index phase has transitioned from extra bearish to bearish as bull flags came on exchange flowsstablecoin liquidity growth and price momentum. However, he warned that Bitcoin price is still in a bear market and is simply experiencing a relief rally.
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Crypto analyst Benjamin Cowen noticed that in bear markets, the Bitcoin price will often spend more time rising than falling. However, when the price falls, it falls very quickly and then reaches a bottom. Then the trends rise again for a few weeks to months before falling again. “You see the change market structure from bull to bear,” he added.
At the time of writing, the Bitcoin price is trading around $69,300, down in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com