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The main cryptocurrency has been falling for weeks, seeking deeper lows. This situation has caused significant issues for altcoins. So, what do current predictions indicate as the bottom for BTC? What is the basis of the long-standing fear and panic among investors? Here are the latest comments and possible scenarios.
Bitcoin (BTC)
Before the last major drop, BTC’s recovery from $58,500 supported the continuation of the uptrend with a higher low. However, BTC recently made lower lows and even dropped to $54,260 in the last 24 hours. How long will this continue? Keith Alan, co-founder of Material Indicators, which closely examines macroeconomics and crypto dynamics, wrote the following on the subject:
“The weekly close for Bitcoin was terrible. There are many rumors among the crypto community that we have seen the bottom. But I can’t say that this has been confirmed yet. We might find the confirmation we are looking for with the retesting of support. However, there is a problem; I am not sure if $53,500 can hold as strong support.”
RSI is the main motivation for those expecting a rise because it is in the oversold region. Can it go to deeper numbers? Of course, it can.
“I am closely watching the weekly RSI. If the weekly RSI does not hold at 42, get ready to pack your bags for Bear Land.”
Today, the RSI is measured at 45.6, and BTC has returned to the levels it was trading at when it was around $25,000. A new red candle on the weekly could see the RSI at lower levels, but if the key point can hold, a bounce is expected.
BTC Bottom Prediction
Peter Brandt is a well-known name in traditional markets and made successful comments on the major breakout in crypto in 2021. Now, the same person is reminding us of the double top in 2021 and saying, “again?” If Peter is right this time, BTC could move to the $44,000 target, which would have devastating consequences for altcoins.
BTC was at $57,000 at the time of writing, and the FUD it faces is not to be underestimated. There is a possibility of over 10 billion dollars of extra BTC supply being dumped into the market through exchanges in a weak volume environment. The MTGOX returns alone are over 8 billion dollars. Although the German government has been transferring its 50,000 BTC in parts for days, it has not finished, and investors cannot predict the speed of the MTGOX returns, making it difficult to foresee when the real big spot selling wave will come.
So, in the coming weeks, we will continue to see days when investors sleep on edge.
