As the price of Bitcoin continues to fluctuate wildly, the question on every investor’s lips right now is when will the digital asset find a bottom? For some, the bottom has already been reached, while for others there will be more price drops to come. But one analyst’s prediction in particular stands out because of his track record of accurately bringing back market highs during the 2021 bull market.
Cryptocurrency expert says Bitcoin is at rock bottom.
Cryptocurrency expert Dave the Wave first rose to prominence when he correctly predicted Bitcoin’s 2021 high. Given this, Dave’s analysis is a big part of the cryptocurrency market, so it’s no surprise that his most recent prediction calling for a Bitcoin bottom is going well.
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In an analysis published on One of them is that the MACD, as stated by analysts, is still far from the levels of the last bull market.
In addition to the MACD still trending below this level, cryptocurrency experts point out that the cryptocurrency market is more mature than before. Considering this mature market, Dave the Wave said: “It’s not at all surprising to see something different developing in the pattern over a long period of time.”
The analyst suggests that the Bitcoin low has actually been reached, and given that the price fell to $57,000 a few weeks ago, Dave’s analysis suggests that the price may be low enough to fall further. If this is true, it is unlikely that the Bitcoin price will fall below $60,000 before resuming the bull market.
BTC price expectations remain optimistic
Despite the slow momentum that has plagued the Bitcoin price, investors continue to remain bullish on the cryptocurrency. This is evidenced by the fact that the Bitcoin Fear and Greed Index is firmly in the greed zone, showing that investors are still willing to buy into the market.
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Additionally, predictions from cryptocurrency analysts such as Rekt Capital have indicated expectations of further price increases. Rekt Capital predicts that the BTC price will still exceed $100,000 as long as the price can surpass $63,000 and maintain this level.
However, elsewhere on social media, we are seeing a shift in BTC price as social sentiment begins to fall into a bearish headwind. Santiment, an on-chain data aggregation platform, reports that Bitcoin social sentiment has fallen 14% in the past week.
Featured image from Investment U, Chart from Tradingview.com
Source: NewsBTC.com