Bitcoin had a mini-recovery recently after a rough week. But is the bottom in? One analyst thinks maybe not.
A Crypto Expert’s Take
Crypto expert Ali Martinez looked at the data and shared some interesting insights. He used data from CryptoQuant to show that the average price of Bitcoin bought in the last 1-3 months is around $97,354. With Bitcoin currently trading around $97,000, that’s only a tiny loss for recent buyers – less than 1%.
However, Martinez points out that historically, the best time to buy Bitcoin has been when the average buyer is down about 12%. So, he thinks there’s still room for Bitcoin to fall further.
Where’s the Next Bottom?
Based on past trends, Martinez suggests the next Bitcoin bottom could be around $85,600. That’s where he thinks savvy investors should start accumulating.
But there’s a twist. Big companies and institutions are buying Bitcoin, and there’s talk of Bitcoin ETFs. This could prevent Bitcoin from falling as low as it has in the past.
Bitcoin’s Current State
Right now, Bitcoin is trading around $97,020. That’s a small gain for the day, but it’s still down slightly for the week. Investor sentiment is mixed, leaning towards fear.
However, some analysts are optimistic. They predict Bitcoin could hit $106,613 in five days and potentially even $129,434 in a month. Their long-term forecast is even higher, at $158,992 in three months. Despite the recent volatility, Bitcoin remains the biggest cryptocurrency by a large margin.
