Bitcoin Is Down Bad, But Hasn't Yet Hit Its 'Ultimate Bear Market Bottom': Analysts

Bitcoin traders hoping that the apical crypto plus has already marked its bottommost for the rhythm are apt to beryllium disappointed, according to a caller study from CryptoQuant. 

The firm’s play study insists traders request patience, noting that carnivore marketplace bottoms “take clip to form,” portion citing the existent bottommost for BTC is $55,000. 

“Bitcoin’s eventual carnivore marketplace bottommost is astir $55K today,” the study reads. “This level represents the realized price, which historically has been a large terms enactment country successful erstwhile carnivore markets.”

The realized price—a metric that tracks the mean terms astatine which investors person purchased a circumstantial cryptocurrency—has been touched during some of the past 2 carnivore marketplace bottoms, according to information from the firm. 

“Once the terms gets to this level, it tends to gravitate astir it for 4-6 months,” the steadfast wrote. 

The firm’s study besides notes that its bull-bear marketplace rhythm indicator is lone successful the “bear” phase, and has not entered the “extreme bear” conception that has typically marked the opening of a bottommost phase.

Bitcoin Will Fall to $50K and Ethereum Will Hit $1,400 Before Rebound: Standard Chartered

CryptoQuant’s investigation mirrors that from others successful the past fewer weeks. Galaxy’s caput of probe noted the asset’s deficiency of near-term catalysts and structural weakness arsenic reasons it could caput towards its 200-week moving mean astir $58,000. 

Plus, earlier this week, Standard Chartered updated its forecast to bespeak that BTC could driblet to $50,000 earlier immoderate benignant of rebound towards $100,000. 

Predictors connected Myriad—a prediction marketplace operated by Decrypt's genitor company, Dastan—feel similarly, favoring Bitcoin’s driblet to $55,000 earlier a pump to $84,000 astatine astir 54% arsenic of Saturday morning.

Nevertheless, BTC has climbed 1.6% successful the past 24 hours, precocious changing hands astir $69,724. At that mark, it has present dropped astir 27% successful the past 30 days and has fallen astir 45% from its October all-time precocious of $126,080.