Following the Bitcoin price crashes towards $60,000 At the beginning of February, the question on every investor’s lips is when the bleeding will end. To that end, a number of analysts have shared their expectations and predictions about where the Bitcoin bottom might lie. Some have argued that the worst is over, while others have suggested that more crashes will follow. Following this latest trend, crypto analyst Plan C has shared why they believe the Bitcoin price has finally bottomed out.
Bitcoin crash of 80-90% is not possible this time
In previous cycles, when the Bitcoin market has gone from a bull run to a bear market, there have been varying degrees of crashes that occurred before the bottom was reached. The past few bear markets have been crashes of around 80-90%, often spurred by major events surrounding the market.
Following this trend, expectations remain that Bitcoin could also experience a similar crash, which would mean the bear market is far from over. However, crypto analyst Plan C has disputed this idea as he believes Bitcoin will not repeat the exact same trend as before.
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Instead of the 80-90% crash that is expected to take Bitcoin somewhere around $25,000-$30,000, the analyst expects say that Bitcoin will only crash 50-60% this cycle. If this is true, it would mean that Bitcoin is not far from a bottom at the moment.
Judging from this, his prediction, this would be the Bitcoin price bottom somewhere between $50,000 and $63,000. Considering that the BTC price had previously fallen below $63,000, this means that the bottom may be at or near the limit.
Such a deviation would mean that Bitcoin would no longer follow the price established 4-year cycle trend. This is not a new theory, as analysts have suggested in the past that the digital asset began to deviate from the four-year cycle when it hit a new all-time high in early 2024, before the halving. This was driven by institutional entry via Spot Bitcoin ETFs, triggering a new wave of bull runs.
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As predictions continue to fly around the crypto community and speculation about the price Bitcoin will reach, it remains a matter of time to see what will ultimately happen. For now, the bulls continue to fight in an attempt to push the price back above $70,000. But sentiment remains decidedly negative as the Fear & Greed Index remains stuck in Extreme Fear.
Featured image of Dall.E, chart from TradingView.com