The biggest crash last week was Bitcoin ($BTC) crashing to $60,000, as low as $600,000. It later recovered and went on to $70,000, but it reverted to its original meaning of .
Yet, this rise doesn’t seem to have persuaded some analysts of the. Moreover, prediction continues to be made in the market that even though Bitcoin has recovered short-termly, a true bottom has not yet been reached.
But many analysts have predicted that Bitcoin could see further declines from its peers. The bottom for $BTC has not yet been reached, according to an analyst called BitBull at this time – meaning that it is worth $50,000.
“Bitcoin’s ultimate capitulation has not yet been made. The bottom of the real tycoon is likely to be less than $50,000. Most ETF sellers lose money at this level, according to . – ’.
In on-chain data, US spot Bitcoin ETFs are generally around $82,000 for the average purchase price according to. This means that if any further decline would put most ETF investors under loss territory.
Another analyst with the pseudonym Filbfilb echoed this view, saying that Bitcoin’s current price movements are similar to the 2022 bear market and have charted it in order to prove such claims.
A commentator, who refers to the 50,000-week exponential moving average (EMA, around $95,300), said ‘It’s hard to see the current recovery as a structural recovery, suggesting that further decline is being seen.
Technical analyst Tony Severino also stated, based on various indicators, that new lows are almost certain.
Speaking to Cointelegraph’s Caleb Franzen, founder of Cubic Analytics (Capid & Curios) also spoke about the 2022 bear market “The recent recovery is a trap and further declines are possible,” said Bizarre.
The 200-week moving average was reverted to the Bitcoin in 2022.’ After recovering from its original 100-months, it failed to maintain this level and suffered a sharp decline of bitcoin. , ” and.
The current trend is similar to the one in 2022.
Nevertheless, the analyst said that “the market cannot perfectly repeat its past and it is difficult to predict what will happen in the future.”
*This is not investment advice.
Thanks for reading Analysts Warn About Bitcoin Bull Trap! One Gave a Price for the Real Bottom!
