Crypto analyst Chain Mind has indicated this the Bitcoin price hasn’t hit rock bottom yet. He alluded to historical performance showing that BTC has never bottomed without touching the EMA 300.
Bitcoin price is unlikely to drop before reaching this level
In one X messageChain Mind indicated that Bitcoin price is unlikely to bottom without first touching the EMA300. He noted that BTC has never bottomed without reaching this level, such as in 2020 and 2022, when it recorded the weekly EMA300 just before the cycle low. Specifically, The bottom of Bitcoin was 10% below the EMA in 2020 and 15% in 2022.
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The analyst noted that Bitcoin price rose from $60,000 in this cycle without ever reaching the EMA, indicating that the real bottom has not yet been reached. He added that if the pattern repeats, BTC should fall to around $58,000, marking the latest bottom in history. this bear cycle. In another X messagethe analyst indicated that BTC reflected the price action during the 2022 bear market.
This came as he revealed that Bitcoin price had just rejected the 200MA, a move that also happened in 2022. He explained that this is the bearish macrostructure after BTC retagged the 200D MA at $82,000. Therefore, if the 2022 pattern repeats, the leading cryptocurrency should fall 40% to 60% from the rejection point. He added that this means the true cycle bottom should be around $50,000 to $55,000.
Bitcoin is once again in a downtrend after failing to stay above the psychological level of $80,000. This is happening amid bearish catalysts such as the US-Iran war, rising inflation and bets on a Fed rate hike this year. BTC’s latest decline came after the SEC delayed approval of tokenized stocks.
The plan remains the same for BTC
Crypto analyst Kaleo stated that the plan remains the same for the Bitcoin price despite traders betting on Kalshi at a rise to $100,000 this year. He urged market participants to zoom out and be more optimistic. As for what could happen, he predicts a retest in the lower $70,000 range, then a recovery to between $80,000 and $90,000, and a range there before the summer.
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Once that happens, the analyst predicts that the Bitcoin price will rise above $100,000 and reach a new all-time high (ATH) in the fall and winter. Remarkably, the CLARITY Act could pass between now and then, sparking a massive rally for the leading crypto.
At the time of writing, the Bitcoin price is trading around $75,400, down more than 2% in the past 24 hours. facts from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com