According to Julio Moreno of Cryptoquant Research, the drop in Bitcoin ‘S (BTC) 26.62% is currently being the deepest reduction in the bull market cycle.
Bitcoin price shortcomings analysis. Source: X
Bitcoin has experienced significant defects in the past cycle, and in 2018, it has decreased up to 60%, and 73% modified in 2022 (ATH) (ATH) (ATH). In contrast, the current decrease of 26.62%is less serious than the previous bear market.
This suggests that even if the current recession affects, it has not yet reached the strength of the previous cycle. But Crypto and Macro Resource ‘Ecoinometrics’ said Bitcoin could struggle to start immediate processing. Analysts explained.
“Historically, Bitcoin tends to grow slower when NASDAQ 100 is lower than long -term income compared to the previous year. Also, there is a higher risk of serious correction.”
Bitcoin and Nasdaq correlation. Source: X / Ecoinometrics
If the NASDAQ 100 is now flat compared to the previous year, it may be difficult to recover the price of Bitcoin even if the correction is stopped.
The recent drop in Bitcoin (BTC) prices also applied Michael Se -Claw’s strategy to defense, not to purchase BTC for the Treasury between March 31 and April 6.
StrategyTracker’s data also emphasized that the company spent $ 36 billion on Bitcoin Holdings and reflects 17%of revenue during the current five -year landlord.
Related: Michael Saylor’s strategy is cut by Bitcoin Buys to less than $ 87K.
Can Bitcoin stay more than $ 70K?
On the weekly chart, Bitcoin tested the index moving average (blue indicator) for the first time since September 2024. Nearly under 50W EMA, we found the beginning of the bear market at the previous market cycle.
Bitcoin weekly chart. Source: COINTELEGRAPH/TradingView
The immediate point below the current price remains $ 74,000, which was the best ever in early 2024. But the daily demand area between $ 65,000 and $ 69,000 can be a larger fluid level depending on its importance. The $ 69,000 level is also the highest price ever 2021.
In addition, Bitcoin’s weekly relative index, RSI, has reached the lowest value of 43 at the end of the first quarter since January 2023. In September 2023 and September 2024, RSI recovered from similar values, causing Bitcoin’s price recovery. When RSI fell to less than 40 in 2022, Bears completely controlled the market.
Anonymous password REKT CAPITAL was also predicted according to the daily RSI value.
“The historical daily RSI trend of the migration is likely to be the bottom of this modification from the current price to $ 70,000.”
Related: Bitcoin, stocks of ’90 -day tariff suspension’ stocks on fake news and BTC whales continue to accumulate
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.