A popular analyst says the bottom of BTC could be somewhere between current rates and $37.5k, while maintaining that targets are $100k
The cryptocurrency market has been falling over the past few days, with the price of Bitcoin dropping 10% in a week to around $42,000. According to a popular analyst, BTC may find a bottom between its current price and $37,500.
Undoubtedly, one of the most asked questions on crypto Twitter over the past few days is where the bottom of Bitcoin is.
This comes in the wake of a significant drop in the price of BTC, which fell by 10% last week.
Commenting on the matter, a popular analyst from Twitter site SmartContracter said:
‘I think BTC reaches a bottom between now and $37.5k and gives us a similar structure to what we saw in 2019, only on a larger time scale.
For those who are unaware, 2019 started with Bitcoin prices trading relatively close to the November 2018 bottom. – Just above $3,000.
As the months progressed, the cryptocurrency peaked at around $14,000 over the summer before returning to $5,000 the following March.
The analyst also gave his prediction on what will happen when the price reaches $100,000 (in his hypothesis):
Once above $100,000, we enter the territory of an extended bear market, similar to 2018.
11/01/2022 – Mr.Advice NEWS