With Bitcoin (BTC) trading below $70,000 after its recent decline, a cryptocurrency analyst is keeping an eye on a potential market bottom. His analysis suggests that the price floor may be close, with downward momentum and… The selling pressure appears to be slowing down. The analyst pointed to a leading indicator that consistently points to the lowest levels of the BTC bear market in more than a decade, reinforcing the view that… Prolonged downtrend It could end soon. However, the expert also warns that it may take several months for the market to reach this level and stabilize completely.
Why could Bitcoin’s bottom be closer than expected?
The cryptocurrency market analyst has been identified as Investor Jordan on X foot New Bitcoin price analysis predicts where the leading cryptocurrency could eventually go Reaching the bottom in this cycle. Over the past few months, BTC has seen prominent Fluctuations and negative feelings In the midst of an ongoing bear market.
In the past few weeks, Bitcoin has seen It crashed about $60,000it rose back above $70,000, then fell back to $67,000 at the time of writing. Throughout this price volatility, market analysts have continued to predict a potential bottom for the price, with some suggesting BTC has already reached its lowest point this cycle. In contrast, others believe that further declines may be in the future.
But the Jordanian investor offers his unique point of view. In his analysis of Bitcoin price, he stated that it is difficult to imagine that the bottom of the market is not already or at least very close. He says this is because of my history Relative Strength Index (RSI) The signal that has consistently set the minimum price for Bitcoin over the past 11 years.
Investor Jordan noted that in previous cycles, whenever Bitcoin’s RSI fell below 30 and entered the oversold zone, it was closely aligned with… BTC production cost. Production cost here refers to the total expenses required to mine Bitcoin. He noted that for 11 years, this area was the bottom before BTC started moving to new highs.
The analyst chart shows that Bitcoin’s RSI is about to drop below 30 again and enter the oversold zone. If history repeats itself, this could indicate that Bitcoin has reached a final bottom. While emphasizing the strong likelihood of this outcome, investor Jordan also warned that it could take several weeks or even months for the bottom to fully emerge.
Analysts expect BTC to bottom by the end of summer
In a separate analysis, market expert Titan of Crypto said anticipation Bitcoin may bottom by the end of the summer, most likely in late August. He noted that BTC has historically found a price floor three to four months after the Ichimoku death cross formation.
According to the Titan of Crypto, if this Death cross If the pattern repeats, Bitcoin could form the expected minimum price before any potential rebound to the upside.
Featured image from Pixabay, chart from Tradingview.com
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