This was pointed out by crypto analyst Chain Mind Bitcoin price hasn’t hit rock bottom yet. He referred to the historical performance which shows that BTC has never bottomed without touching the EMA 300.

Bitcoin price is unlikely to bottom before touching this level

In Post XChain Mind has indicated that Bitcoin price is unlikely to bottom without first touching EMA300. He noted that BTC has never bottomed without touching that level, as it did in 2020 and 2022, when it hit the weekly EMA300 just before the cycle low. Specifically, Bitcoin bottom fell 10% below 2020 EMA and 15% in 2022.

The analyst noted that this cycle, Bitcoin’s price has bounced from $60,000 without ever reaching the EMA, suggesting that a true bottom is not yet in the market. He added that if the pattern repeats, BTC needs to fall to around $58,000, marking the final bottom in this bear cycle. In another Post Xthe analyst indicated that BTC reflects price action during the 2022 bear market.

This followed the revelation that Bitcoin price had just rejected the 200MA, which also happened in 2022. He explained that this confirms bearish macro structure after BTC reached the 200D MA again at $82,000. Therefore, if the 2022 pattern repeats, the leading cryptocurrency is set to decline 40% to 60% from its rejection point. He added that this means the actual bottom of the cycle must be in the $50,000 to $55,000 range.

Bitcoin is once again in a downtrend after failing to stay above the psychological level of $80,000. This comes amid bearish catalysts such as the US-Iran war, rising inflation and expectations of a Fed rate hike this year. BTC’s latest drop came after the SEC delayed its approval of tokenized stocks.

The plan remains the same for BTC

Cryptocurrency analyst Kaleo stated that the plan remains the same for Bitcoin price despite Kalshi’s bets against a augment to $100,000 this year. He urged market participants to step back and adopt a more bullish stance. As for what could happen, he predicts a retest in the lower $70,000 range, then a rebound to the $80,000 to $90,000 range and staying in that range through the summer.

When this happens, the analyst predicts that Bitcoin’s price will rise above $100,000 and reach a modern all-time high (ATH) in the fall and winter. Especially, CLARITY Act could pass between now and then, which could trigger a massive rally for the leading cryptocurrency.

At the time of writing, Bitcoin is trading at around $75,400, down more than 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Getty Images, chart from Tradingview.com