Chain Mind Crypto Analyst has said that the Bitcoin price Has yet to reach its lowest point. He referred back to history, which showed that BTC had never reached its lowest point without having touched the EMA 300.
Bitcoin Price is unlikely to fall below this Level before touching it
Then, you can get in touch with us. X postChain Mind stated that Bitcoin is not likely to hit bottom before it touches the EMA300. He said that BTC never touched this level before, and it was the same in 2020 or 2022 when BTC tagged the weekly EMA300 just prior to the cycle’s low. Specifically, Bitcoin’s bottom The EMA fell by 10% in 2020, and then 15% in 2022.
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He noted that Bitcoin’s price never reached the EMA in the current cycle. This indicates the true bottom has not yet been achieved. The analyst said that, if this pattern continues, BTC will drop to $58,000. This would mark the bottom of the market. this bear cycle. In a different X postThe analyst stated that BTC is mirroring price movements during the bear market of 2022.
It was revealed at the same time that Bitcoin had recently rejected the 200MA. A similar move occurred in the year 2022. He stated that this is confirmation of the bearish macro structure After BTC again tagged the 200D MA at $82,000. If the pattern of 2022 repeats itself, then the top crypto will have to drop between 40% and 60% off the point where it was rejected. This means the bottom of the cycle must fall between $50,000 and $55,000.
Bitcoin is now in another downtrend, after not being able to stay above the psychological $80.000 level. The US-Iran War, the rising inflation and betting on a Fed rate increase this year are all bearish factors. BTC’s most recent drop came after SEC postponed its approval for tokenized stocks.
BTC’s Plan remains the same
Crypto Analyst Kaleo declared Kalshi traders are betting against the Bitcoin price, but the plan is the same. rally to $100,000 This year. He encouraged market participants zoom out and to be more bullish. He predicts that the market will retest the $70,000 level, before rebounding to $80,000-$90,000. This range is expected for the rest of the summer.
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Analysts predict that Bitcoin’s price will rise above $100,000 in the autumn and winter. Notably, the CLARITY Act Between now and then could be a period of time that could trigger a huge rally for the top crypto.
According to the Bitcoin Price Index, at the time this article was written, Bitcoin is currently trading around $75,000. This represents a drop of over 2% from the previous 24 hours. data CoinMarketCap.
Chart by Tradingview.com. Image from Getty Images.
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Source: www.newsbtc.com
