Crypto analyst Maelius referenced Bitcoin’s historical performance to provide insight into how far the flagship cryptocurrency can go before it hits bottom. He also made a reference BTC.dwhich he explained shows that BTC has not yet bottomed out.
How low can Bitcoin go before it hits bottom?
In Post XMaelius shared a chart indicating that Bitcoin could still fall below $60,000 before hitting bottom. The analyst also highlighted the dominance of BTC (BTC.d), which he noted tends to crash once the flagship cryptocurrency has peaked, but has yet to do so. He referred to the 2017 and 2021 cycles, noting that they were soon followed by massive sell-offs and a bottom in BTC.d Bitcoin on top.
Based on his comments, Maelius also raised the possibility that Bitcoin may not have peaked and that is why BTC.d is not crashing yet. He noted that fractal analysts claim BTC has peakedbut I asked why BTC.d hasn’t had a proper sell-off yet and is on track to do so relatively soon.
The analyst said it could be argued that Bitcoin has not peaked yet and that it is still possible that the flagship cryptocurrency could reach previous highs even if BTC.d still has to crash. He added that BTC.d has never been this high or looked so bearish when BTC was already in crisis phase bear market. In the earlier one Post Xthe analyst stated that BTC was trying to confuse both parties.
However, he noted that higher prices are inevitable and will come soon as the structure remains bullish and until proven otherwise, there is nothing the bears can do about it. Until then, he urged market participants not to give up their shares and not to sell them at a discount.
Analyst reiterates that BTC has peaked
Popular cryptocurrency analyst repeated Benjamin Cowen that Bitcoin has peaked, noting that VTC has always peaked in the fourth quarter a year after halving. He suggested that now the focus should be on getting through the bear market, which in his opinion will last until the end of this year.
He then referred to the previous outline he presented for Bitcoin through 2042. Cowen believes that accumulation will occur in 2027-2028, which will then start an upward trend in 2029-2030. He predicted that BTC could reach $300,000 to $500,000 by 2032 before another bear market hits in 2033-2032. 2034. The analyst predicted it Bitcoin will reach $1 million between 2040 and 2042, after another bear market.
At the time of writing, Bitcoin is trading at around $83,900, having risen over the past 24 hours, according to data from CoinMarketCap.
Featured image from pngtree, chart from Tradingview.com
