Why The Bitcoin Price May Have Hit Rock Bottom Already At $63,000
Analysis
Price Impact
MedThe article suggests that bitcoin might have already hit its bottom around $63,000, deviating from historical 80-90% crash patterns. this implies a potential shift in market dynamics due to factors like institutional etf entry, which could lead to a less severe downturn than previously expected. however, sentiment remains negative, indicating that the market is still highly sensitive to further drops.
Trustworthiness
MedThe article cites an analyst, plan c, who bases their prediction on a deviation from historical bitcoin cycle trends. while the analysis points to specific factors like institutional etf entry as drivers for this deviation, the prediction is still speculative. the 'strict editorial policy' mentioned is a general claim and doesn't specifically validate this particular analyst's forecast. the presence of opposing views (some suggesting further crashes) and the negative market sentiment noted in the article also temper the trustworthiness.
Price Direction
BullishThe core argument is that if bitcoin's crash is limited to 50-60% instead of the historical 80-90%, and given that it has already traded below $63,000, the bottom may have already been reached. this implies a potential upward movement from current levels, assuming the analyst's prediction holds true.
Time Effect
ShortThe article discusses the immediate question of 'when the bleed will end' and whether the 'worst is over.' the analyst's prediction implies that the bottom is near, suggesting a relatively short-term impact on price direction once the market digests this possibility.
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Following the Bitcoin price crash toward $60,000 in early February, the question on the lips of every investor is when the bleed will end. To this end, a number of analysts have shared their expectations and predictions for where the Bitcoin bottom might be. Some have posited that the worst is over, while others have suggested that there are still more crashes to come. Following the latter trend, crypto analyst Plan C has shared why they believe the Bitcoin price has finally reached a bottom. Bitcoin 80-90% Crash Not Possible This Time Around In previous cycles, when the Bitcoin market had gone from a bull run to a bear market, there have been varying degrees of crashes that were experienced before the bottom was established. Over the last few bear markets, these have been around 80-90% crashes, often spurred by major events surrounding the market. Following this trend, expectations remain that Bitcoin might also see a similar crash, which would mean that the bear market is far from over. However, crypto analyst Plan C has combated this idea, as he believes that bitcoin will not repeat the exact same trend seen before. Related Reading XRP Price Turns Completely Bearish, But Is A Crash To $1 Still Possible? 16 hours ago Instead of the 80-90% crash that is expected to put Bitcoin somewhere around the $25,000-$30,000 range, the analyst says that Bitcoin will only crash 50-60% this cycle. If this is correct, it would mean that Bitcoin is not far from registering a bottom at this point. Going by this, his forecast, this would put the Bitcoin price bottom somewhere between $50,000 and $63,000. Given that the BTC price had previously fallen below $63,000, it means that the bottom might be in , or close to it. Such a deviation would mean that Bitcoin would no longer be following the established 4-year cycle trend . This is not a new theory, as analysts in the past have suggested that the digital asset began deviating from the 4-year cycle when it hit a new all-time high back in early 2024, before the halving. This was triggered by institutional entry through Spot Bitcoin ETFs, bringing about a new wave of bull runs. Related Reading Bitcoin Price Lows: Analyst Says We’re Doomed If This Happen 21 hours ago While predictions continue to fly around the crypto community and speculations about what price Bitcoin will bottom at, it remains a matter of time to see what eventually happens. For now, the bulls continue to put up a fight in a bid to send the price above $70,000 again. But sentiment remains firmly negative as the Fear & Greed Index continues to sit in Extreme Fear. BTC pushes for another recovery trend | Source: BTCUSD on Tradingview.com Featured image from Dall.E, chart from TradingView.com