Where is the bottom of Bitcoin (BTC)?
Although it was recognized that this level could have already been struck, analyst James Chect suggested to the series that the real bottom may not exist until Bitcoin suffers from a real surrender event.
The checks said, this is likely to require a decrease in the area of $ 65,000, describing it as the “real market average”, that is, the basis of the medium cost of active investors.
At this point according to Check, who spoke TFTC podcastThe average investor may start feeling unrealistic losses. Even long -term holders, including those who kept Bitcoin for five years, may find themselves underwater. Interestingly, this price level is closely compatible with Michael Celor’s strategy, which is a similar cost cost of about $ 67,500.
Where do you take the market surrender?
While Check expects a significant decrease from the $ 65,000 region, it sees strong support in the range of 49,000 to $ 50,000, the prices that represent the launch of ETFS in 2024 in addition to the ceiling of a $ 1 trillion market for Bitcoin. He said that the decline of up to $ 40,000 seems unlikely, except for a global recession.
The check also noticed the period of “simple erosion” in 2024 – where bitcoin was circulated for several months in a wide range ranging between 50 thousand dollars and 70 thousand dollars – as a strong basis for support.
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