Altcoin Sherpa Cryptocurrency Analyst recently suggested that Bitcoin’s bottom has yet to come and that the flagship cryptocurrency could still fall to novel lows. Meanwhile, other crypto analysts such as Mikybull Cypto presented arguments as to why we have already bottomed out and suggested that Bitcoin is unlikely to drop below $50,000 again.
Bitcoin will likely bottom out in the $40,000 range
Altcoin Sherpa listed in X (formerly Twitter) fasting that Bitcoin will most likely reach its lowest level $40,000 range instead of 50,000. He noted that this would mean “a few more nasty wicks, a few more liquidations, and a little more pain” as the flagship cryptocurrency could still fall below psychological level 50,000 dollars.
The analyst made the statements while predicting how the next few months could unfold for Bitcoin and the broader cryptocurrency market. Altcoin Sherpa added that he expects the price of Bitcoin to fluctuate for the next one to four months. He further predicted that the market will witness “temporary pockets of altcoin movements”, which caused euphoria among market participants.
Why BTC has bottomed out
Mikybull Crypto presented a different point of view and explained Why Bitcoin bottom is already in, and the flagship cryptocurrency is unlikely to fall below $50,000. Using Elliott Wave Theory to analyze the price action of Bitcoin, the analyst mentioned that the chart shows that wave four of the macro correction is ending. He noted that wave five will take Bitcoin to the low target of $135,000, which should happen in the next few months.
Mikybull Crypto also referred to the growth volatility index (VIX) which, he noted, usually signals a macro bottom, as it did in 2020. The analyst emphasized that the RSI (Relative Strength Index) is another indicator showing that the macro bottom is already in place. He added that Bank of Japan assurances that there would be no further interest rate hikes until the market stabilised also helped to reduce carry trade pressure in Japan,
Finally, Mikybull Crypto mentioned that Bitcoin’s funding rate is in negative territory, which usually leads to a tiny squeeze. He added that the Spot Bitcoin ETF trading volume is at a novel high, and gathering of whales he hasn’t slowed down in the last thirty days, which he says shows that institutional investors They bid, not gave away.
Cryptoquant CEO Ki Teenage Ju It was recently revealed that 404,448 BTC were transferred to enduring holder addresses in the last 30 days. He suggested that institutional investors are likely accumulating these bitcoins. The cryptocurrency founder added that retail investors would regret not buying the flagship cryptocurrency because they were worried about the bearish narrative currently surrounding Bitcoin.
At the time of writing, Bitcoin is trading at around $56,800, up more than 2% in the past 24 hours, according to data data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
