Analysts Think Bitcoin Could Bottom but How Low Can it Go?

Bitcoin is down 46.64% from its all-time high of above $69,000 and while minor recoveries have been observed a concrete upside momentum has not been found.

With the southbound trajectory looking more prominent the crucial question remains — What’s the Bitcoin bottom?

Assessing the Bitcoin Bottom

A recent Bloomberg article reported that according to data provided by an analyst at Fundstrat headed by Tom Lee, Bitcoin price could see the cycle bottom in a few months. 

Fundstrat Global Advisor’s Mark Newton was reported as saying that there is ‘a good likelihood’ for Bitcoin to reach a price bottom in the coming spring.

Additionally, the analyst has warned against getting bullish on the king coin at the moment, since a new mid-term rally has not begun yet and the minor two-week bounce that BTC saw does really mean that a rally is in play. 

He said:

“This minor two-week bounce might still be premature in expecting a new intermediate-term rally has begun”

While many argue that BTC testing the $32.9K mark on January 24 could be a BTC bottom, there was considerable skepticism around this stance. At press time, with Bitcoin losing close to 4% price and the global crypto market cap at $1.68 trillion, a 4.89% decrease over the last day, BTC could see a pullback in the near term. 

Another Price Pullback in Play?

Generally, over the last few months, weekends have been marked with choppy price action for Bitcoin, Ethereum, and the larger market. The most recent instance was the ‘Black Friday’ crypto crash that wiped out $136 billion on January 22. 

For now, while BTC’s price is maintained above the $36K mark a decline under the $35.5K level could push Bitcoin to the $32K zone which would make a market cycle bottom. 

On the contrary, if BTC’s price establishes above $40K in the short term the same could mark a crucial moment for BTC bulls.

Furthermore, BTC’s taker-buy-sell ratio according to CryptoQuant analysts presents that the market could see another BTC correction in the next 10 days and it could move sideways within the $33K-$40K range for the short to mid-term. 

Thus, for now, the $32K price zone looks like the market bottom where BTC could fall if another dip takes place. Nonetheless, in the crypto-verse nothing is certain and in case BTC falls under the $32K mark $28K could act as the next strong support.