Crypto analyst Leshka explained why Bitcoin price is unlikely to go down even if it continues to try to recover from $70,000. His analysis is also in line with the predictions of analysts like Doctor Profit who predict BTC can still go down for 40,000 dollars.
An analyst explains why the price of Bitcoin has not gone down
In one X postLeshka pointed out that the price of Bitcoin has never been lower since the drop of only 47%. He further noted that ass bear market has historically seen at least a 78% drop from the top. BTC saw a significant drop of around 87%; 84%; and 73% in 2013, 2017 and 2021 respectively.
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So said the analyst Bitcoin price it’s not down yet and another flood is nearing the bottom. His accompanying chart showed that BTC could still fall to $50,000 before it finds a macro bottom in this market cycle. Leshka noted that the leading crypto continues to test the $72,000 resistance and has failed to break above it in every attempt. Based on this, he predicted a drop to $55,000 after that.
Crypto analyst Dr. Profit also recently warned that the price of Bitcoin has not found a macro bottom, although he predicted that BTC could make a local bottom between $57,000 and $60,000. In the long term, he still expects Bitcoin to fall below $50,000 and towards $40,000, which he believes will mark the bottom of the macro.
Dr. Profit stated that the leading crypto could find its bottom at the end of September and October of this year. Meanwhile, he predicts that the price of Bitcoin could see a slight decline or continue to trade sideways before recording another leg.
BTC is in a ‘Rally ‘Rally’ phase
In one X postcrypto analyst Julio Moreno noted that the Bitcoin Bull Score Index reached 30, its highest level since late October. While the bull flags are on, the index phase has shifted from further declines to declines exchange flowsincreasing stablecoin liquidity and price velocity. However, he warned that the price of Bitcoin is still in a bear market and only sees a rally of support.
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Crypto analyst Benjamin Cowen noted In bear markets, Bitcoin prices often take longer to rise than fall. However, when it goes down, it drops very quickly, then declines, and then trends back up for a few weeks to months before it drops again. “You see the change market structure from a cow to a bear,” he added.
According to the publication, the price of Bitcoin is around $69,300, which has decreased in the last 24 hours. information from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
