Crypto analyst Chain Mind indicated this the price of Bitcoin not yet to the bottom. He alluded to the historical performance, which shows that BTC has never bottomed without touching the 300 EMA.
It is unlikely that the price of bitcoin will fall before it reaches this level
In an X postChain Mind indicated that Bitcoin price is unlikely to bottom 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 marked the weekly EMA300 just before the low of the cycle. Especially, Bitcoin’s bottom came 10% below the EMA in 2020 and 15% in 2022.
Related reading
The analyst noted that in this cycle, the price of Bitcoin bounced back from $60,000 without reaching the EMA at all, suggesting that the true bottom is not yet there. He added that if the pattern repeats, BTC must fall to around $58,000, marking the latest bottom in this bearish cycle. In the second X postThe analyst indicated that BTC reflects price action during the 2022 bear market.
This came after he revealed that Bitcoin price had just rejected the 200MA, a move that also took place in 2022. He explained that this confirms bearish macro structure after BTC retagged the 200D MA at $82,000. As such, if the 2022 pattern repeats, the leading cryptocurrency needs to fall 40% to 60% from the bounce point. He added that this means the actual bottom of the cycle must be around $50,000 to $55,000.
Bitcoin is once again in a downtrend after failing to hold above the psychological level of $80,000. This comes amid bearish catalysts such as the US-Iran war, rising inflation and bets on the Fed raising interest rates this year. BTC’s latest drop comes after the SEC delayed approval of tokenized shares.
The plan remains the same for BTC
Crypto analyst Kaleo stated that the plan remains the same for the price of Bitcoin despite Kalshi traders betting against a rise to $100,000 this year. He urged market participants to reduce the view and be more optimistic. As for what could happen, he predicts a retest in the lower $70,000 range, then a jump to between $80,000 and $90,000, and a range there for the summer.
Related reading
When this happens, the analyst predicts that the price of Bitcoin will then rise above $100,000 and reach a new all-time high (ATH) in the fall and winter. Especially, CLARITY law could pass between now and then, which could spark a huge rally for the leading cryptocurrency.
At the time of writing, the price of Bitcoin was trading at around $75,400, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
