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. Crypto analyst Chain Mind has indicated that the Bitcoin pricehas yet to bottom. He alluded to historical performance, which shows that BTC has never bottomed without touching the EMA 300. Bitcoin Price Unlikely To Bottom Before Touching This Level
In an X post, Chain Mind indicated that the Bitcoin price is unlikely to bottom out without first touching the EMA300. He noted that BTC has never bottomed without touching this level, as it did in 2020 and 2022, when it tagged the weekly EMA300 right before the cycle low. Specifically, Bitcoin’s bottomcame 10% below the EMA in 2020 and 15% in 2022. Related Reading Historical Performance Says Bitcoin Price Will Not Bottom Until It Touches This Level 12 hours ago
The analyst noted that in this cycle, the Bitcoin price bounced from $60,000 without ever reaching the EMA, suggesting the real bottom isn’t in. He added that if the pattern repeats, BTC must drop to around $58,000, marking the last bottom in this bear cycle. In another X post, the analyst indicated that BTC was mirroring the price action during the 2022 bear market. Source: Chart from Chain Mind on X
This came as he revealed that the Bitcoin price had just rejected the 200MA, a move that also occurred in 2022. He explained that this confirms the bearish macro structureafter BTC tagged the 200D MA again at $82,000. As such, if the 2022 pattern repeats, the leading crypto must drop 40% to 60% from the rejection point. He added that this means that the real cycle bottom must be around the $50,000 to $55,000 range.
Bitcoin is once again in a downtrend after failing to hold above the psychological $80,000 level. This comes amid bearish catalysts such as the US-Iran war, rising inflation, and bets of a Fed rate hike this year. BTC’s latest decline came after the SEC delayed its approval of tokenized stocks. The Plan Remains The Same For BTC
Crypto analyst Kaleo declaredthat the plan remains the same for the Bitcoin price despite traders on Kalshi betting against a rally to $100,000this year. He urged market participants to zoom out and be more bullish. As for what could happen, he predicts a retest in the lower $70,000 range, then a rebound to between $80,000 and $90,000, and a range there for the summer. Related Reading If You’re Looking To Bitcoin Above $90,000, This Analyst Says To Watch This Bearish OB Level 2 days ago
Once that happens, the analyst predicts that the Bitcoin price will then rally above $100,000 and reach a new all-time high (ATH) in the fall and winter. Notably, the CLARITY Actcould pass between now and then, which could spark a massive rally for the leading crypto.
At the time of writing, the Bitcoin price is trading at around $75,400, down over 2% in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $74,700 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com