As the price of Bitcoin continues to fluctuate wildly, the question on every investor's mind right now is when will the digital asset bottom out? Some people have already hit rock bottom, while for others the price crash is still continuing. But one analyst's predictions in particular stand out due to his track record of accurately calling back the market's tops during the 2021 bull market.
Cryptocurrency expert says Bitcoin has hit rock bottom
Cryptocurrency expert Dave the Wave first rose to fame when he accurately predicted Bitcoin's highest price in 2021. Considering this, Dave's analysis has important implications for the crypto market, so it's no wonder his latest prediction of Bitcoin's bottom price is making waves.
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In an analysis posted on X (formerly Twitter), crypto analysts point out a number of indicators that indicate Bitcoin has already reached its bottom. One of them is his MACD, which the analyst revealed is still far from the levels of the previous bull market.
In addition to MACD still trending below this level, crypto experts point out that the crypto market is more mature than before. Given this mature market, Dave the Wave says: “It would not be at all surprising to see something different pattern-wise over a longer time frame.”
Analysts suggest that Bitcoin's low is real, and given that Bitcoin's price had fallen to $57,000 a few weeks ago, it's the lowest level for the price, Dave said. analysis suggests. If this holds true, Bitcoin price may not fall below $60,000 before resuming the bull market.
BTC price prediction remains bullish
Despite the slowdown plaguing Bitcoin prices, investors remain bullish on the cryptocurrency. This is evidenced by the Bitcoin Fear & Greed Index maintaining a firm grip in the greed area, indicating that investors are still willing to enter the market.
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Additionally, predictions from cryptocurrency analysts such as Rekt Capital indicate expectations for further price increases. Rekt Capital predicts that as long as BTC price can maintain this level above $63,000, BTC price will still rise above $100,000.
Elsewhere on social media, however, the tide is turning on BTC prices as social sentiment begins to turn into a bearish headwind. Santiment, an on-chain data aggregation platform, revealed that Bitcoin social sentiment has fallen 14% in the past week.
Featured image from Investment U, chart from Tradingview.com
