Analyst Says Bitcoin Bottom Is Not In, Will Price Crash Below $50,000 Again?
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Crypto analyst Altcoin Sherpa recently suggested that Bitcoin's bottom isn't yet in, predicting a possible drop to the $40,000 range. He foresees "nasty wicks, liquidations, and pain" as Bitcoin might dip below $50,000.
In contrast, analyst Mikybull Crypto argues that the bottom is already in, using Elliot Wave Theory to set a target of $135,000. The analyst also notes that indicators like the volatility index and Relative Strength Index signal a macro bottom.
Mikybull Crypto highlights the Bank of Japan's assurance of no further rate hikes as a stabilizing factor. He also points out that Bitcoin's funding rate is negative, which could trigger a short squeeze.
Institutional investors are shown to be accumulating Bitcoin, evidenced by the movement of 404,448 BTC to permanent holder addresses. Bitcoin’s trading volume and whale accumulation indicate bull market behavior.
Currently, Bitcoin trades at $56,800, up over 2% in 24 hours, according to CoinMarketCap.
Quelle: www.newsbtc.com ↗
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