Is The Bitcoin Bottom In? Leading On-Chain Analyst Sees A Floor Forming
Bitcoin’s violent drawdown into the low-$60,000s has traders hunting for a floor. One of the market’s best-known on-chain analysts is arguing the risk-reward has shifted meaningfully, even if the “bottom” is still a process rather than a single print. James “Checkmate” Check, a former lead Glassnode researcher and now the author of Check On Chain, told What Bitcoin Did host Danny Knowles that once Bitcoin pushed into the $60,000 zone, it entered what he described as “deep value” territory across multiple mean-reversion frameworks, at the same time capitulation-style losses spiked to levels....
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An optimistic forecast for gold is making Bitcoin equally bullish, thanks to its erratically positive correlation with the crypto. Gold Boom Ahead Frank Holmes, CEO of US Global Investors, told Kitco News that the gold market is forming a bottom. Simultaneously, the analyst maintained his upside target for the precious metal at $4,000 in 2020 despite the fears of uncertainty around November’s US election and the second coronavirus stimulus package. “The bottom that you’re seeing […]
Crypto analyst Altcoin Sherpa recently suggested that the Bitcoin bottom isn’t yet in and that the flagship crypto could still drop to new lows. Meanwhile, other crypto analysts like Mikybull Cypto have made a case for why the bottom is in and suggested that it is unlikely that Bitcoin will drop below $50,000 again. Bitcoin Bottom Is Likely At The $40,000 Range Altcoin Sherpa mentioned in an X (formerly Twitter) post that Bitcoin is more likely to find its bottom at the $40,000 range rather than at 50,000. He noted that this would mean a “few more nasty wicks, a few more liquidations, and....
It may be a case of "so near yet so far" when it comes to June's multi-year low being the next BTC price floor, warns Willy Woo. Bitcoin's (BTC) market behavior is not yet “synonymous” with previous bear market bottoms, one of the leading crypto analysts argues.In a Twitter thread on Sept. 14, statistician Willy Woo, creator of data resource Woobull, offered three examples of why BTC/USD should still have further to fall.Despite many calling a new macro price bottom during June’s trip to $17,600, not everyone is confident that Bitcoin will avoid a retest.For Woo, there is still reason to....
The price of bitcoin in October has shown signs of a double-bubble similar to the bull run in 2013, and speculators have been trying to guess the leading crypto asset’s top. On October 20, cryptocurrency market analyst Justin Bennett discussed bitcoin’s possible price floor after it reaches the top. Bennett suggests the end of this cycle could be between $207,000 and $270,000. Assuming bitcoin crosses $200K per coin, Bennett thinks the digital asset’s bottom after an 80% pullback will be around $50K.
‘2013 Vibes,’ ‘End-of-Cycle....
With bitcoin rallying, all the focus has been on predicting where the price of the asset will be by the end of the year. The digital asset is undoubtedly going to enter a period where various crashes will send the price down, popularly known as a bear market. Not a lot of attention has been paid to where the price of the asset might bottom out when the market inevitably goes into another bear market. This usually long stretch of low momentum has seen bitcoin lose 94%, 87%, and 84% of its peak value respectively in the last three bear markets. One recurring theme of the bear markets has....