A popular analyst argues that the BTC bottom might be anywhere between current rates and $37.5K, while maintaining that $100K targets are still on the table.
The cryptocurrency market tumbled throughout the past few days, and Bitcoin’s price is down 10% in a week, trading at around $42,000. According to a popular analyst, BTC might find a bottom between its current rate and $37.5K.
Undoubtedly one of the most frequently asked questions on crypto Twitter throughout the past few days is where Bitcoin’s bottom is.
This comes amid a considerable decline in the BTC price, which is down 10% in the past week. Just today, the cryptocurrency is down about 2.5%, trading at $42K.
Commenting on the matter was a popular analyst going by the Twitter handle SmartContracter, who said:
I think BTC bottoms anywhere between now and $37.5k and gives us a similar structure to what we saw in 2019 just on a larger timescale, with a run to 100k still on the table for 2022 in my opinion (imo).
Source: Twitter
To those unaware, 2019 started out with Bitcoin’s price trading relatively close to the bottom from November 2018 – slightly above $3K.
As the months went by, the cryptocurrency peaked at around $14K during the summer and then retraced back to $5K by March the following year.
The analyst also gave his prediction on what would happen once the price reaches $100K (in his hypothesis):
After $100K+, then we get into 2018-style extended bear market territory.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
