{"id":626228,"date":"2024-06-25T06:30:05","date_gmt":"2024-06-25T06:30:05","guid":{"rendered":"https:\/\/wncen.com\/?p=626228"},"modified":"2024-06-25T06:05:32","modified_gmt":"2024-06-25T06:05:32","slug":"is-the-bitcoin-bottom-in-what-7-experts-say","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/is-the-bitcoin-bottom-in-what-7-experts-say\/","title":{"rendered":"Is The Bitcoin Bottom In? Here’s What 7 Experts Say"},"content":{"rendered":"

The market saw a dramatic Bitcoin price drop over the past two days, plunging from a high of $64,500 on Sunday to a low of $58,474. Yesterday’s steep decline followed an unexpected announcement<\/a> from the trustee of the defunct Mt. Gox exchange, revealing plans to commence BTC and BCH payouts in early July\u2014a move that has sent shockwaves through the market.<\/p>\n

This news raises urgent questions about the immediate future of Bitcoin’s price trajectory.\u00a0Amidst this market turmoil, several prominent cryptocurrency analysts have weighed in, offering their insights on whether Bitcoin could be nearing a local bottom. Here is a deeper dive into their analysis and perspectives:<\/p>\n

Bitcoin Technical Analysis<\/h2>\n

Tony “The Bull” Severino, Chief Analyst at NewsBTC, provided<\/a> a technical breakdown of the current situation. Utilizing the Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements, Severino pointed out that the RSI levels are now as oversold as they were during the collapse of FTX<\/a>, suggesting a potential cyclical bottom.<\/p>\n

Related Reading: Bitcoin Forms Bullish Signal That Led To At Least 60% Jump Last 3 Times<\/a><\/div>\n

“Bitcoin’s daily RSI is as oversold as during the FTX collapse, indicating a cyclical bottom might be forming,” said Severino. This analysis implies that, historically, such levels have often preceded a rebound or at least a stabilization in price.<\/p>\n

\"Bitcoin
Bitcoin technical analysis | Source: X @tonythebullBTC<\/figcaption><\/figure>\n

Volume And Market Behavior<\/h2>\n

The Byzantine General, a trader and market strategist, noted<\/a> the unusually high spot volume accompanying the price drop. “We’re seeing significantly high spot volume, which historically can signal a local bottom<\/a>,” he remarked. High trading volumes during a price drop can indicate panic selling, which often exhausts itself leading to potential recovery.<\/p>\n

\"Bitcoin
Bitcoin volume analysis | Source: X @ByzGeneral<\/figcaption><\/figure>\n

Social Media Sentiment<\/h3>\n

Santiment, an analytics platform focusing on social metrics, observed a spike in discussions around the term “bottom” across various social media platforms. “This is one of the highest spikes in social volume and dominance for the word ‘bottom’ we’ve observed in the past year,” they reported. Historically, such spikes can signify heightened market attention that may correlate with pivotal market movements.<\/p>\n

\"Bitcoin
Bitcoin sentiment | Source: X @santimentfeed<\/a><\/figcaption><\/figure>\n
Related Reading: SkyBridge Capital\u2019s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins<\/a><\/div>\n

Historical Patterns And Technical Indicators<\/h3>\n

Teddy (@TeddyCleps), a cryptocurrency trader, emphasized the importance of historical patterns and specific technical indicators such as the 21-week Exponential Moving Average (EMA). “Historically, each correction in the BTC bull run has touched the 21-week EMA before rebounding. We’re approaching this indicator; if history is any guide, $61k could represent the bottom,” Teddy explained. The 21-week EMA is a key technical level watched by many traders for signs of long-term trend support.<\/p>\n

On-Chain Data Analysis<\/h3>\n

James Check (@Checkmatey), an on-chain data analyst, shared his approach focused more on value acquisition rather than exact timing: “My strategy isn\u2019t about pinpointing the absolute bottom but acquiring Bitcoin at significant discounts, as indicated by on-chain metrics like STH-SOPR and STH-MVRV both being below 1.” These metrics suggest that short-term holders are selling at a loss, which can be an opportunistic entry point for long-term investors.<\/p>\n

\n

I prefer acquiring sats when both STH-SOPR and STH-MVRV are below 1.<\/p>\n

I’m not looking for bottoms, I’m looking for meaningful discounts.<\/p>\n

Love to see it.#Bitcoin<\/a> pic.twitter.com\/Jou9TSH3A9<\/a><\/p>\n

\u2014 _Checkmate \ud83d\udfe0\ud83d\udd11\u26a1\u2622\ufe0f\ud83d\udee2\ufe0f (@_Checkmatey_) June 25, 2024<\/a><\/p><\/blockquote>\n

Historical Post-Halving Performance<\/h3>\n

Rekt Capital (@rektcapital) analyzed Bitcoin\u2019s performance in post-halving periods, referring to the event where Bitcoin mining rewards are halved, theoretically increasing its scarcity. “BTC has not broken the high nor lost the low of its ReAccumulation Range in any post-halving period. This historical precedent suggests that Bitcoin should hold these levels,” he outlined.<\/p>\n

\"Bitcoin
Bitcoin Halving cycle | Source: X @rektcapital<\/a><\/figcaption><\/figure>\n

Market Psychology<\/h3>\n

Cred (@CryptoCred), another respected trader, offered another angle and is not convinced the bottom is already in: “If this is the BTC bottom, I am likely to miss it. Often, a market that fails to break down at a level, only to return and close below it later, indicates a more legitimate breakdown. I’m not shorting but am also not buying.”<\/p>\n

At press time, BTC traded at $61,014.<\/p>\n

\"Bitcoin
BTC price, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The market saw a dramatic Bitcoin price drop over the past two days, plunging from a high of $64,500 on Sunday to a low of $58,474. Yesterday’s steep decline followed an unexpected announcement from the trustee of the defunct Mt. Gox exchange, revealing plans to commence BTC and BCH payouts in early July\u2014a move that has sent shockwaves through the market. This news raises urgent questions about the immediate future of Bitcoin’s price trajectory.\u00a0Amidst this market turmoil, several prominent cryptocurrency analysts have weighed in, offering their insights on whether Bitcoin could be nearing a local bottom. Here is a deeper dive into their analysis and perspectives: Bitcoin Technical Analysis Tony “The Bull” Severino, Chief Analyst at NewsBTC, provided a technical breakdown of the current situation. Utilizing the Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements, Severino pointed out that the RSI levels are now as oversold as they were during the collapse of FTX, suggesting a potential cyclical bottom. Related Reading: Bitcoin Forms Bullish Signal That Led To At Least 60% Jump Last 3 Times “Bitcoin’s daily RSI is as oversold as during the FTX collapse, indicating a cyclical bottom might be forming,” said Severino. This analysis implies that, historically, such levels have often preceded a rebound or at least a stabilization in price. Volume And Market Behavior The Byzantine General, a trader and market strategist, noted the unusually high spot volume accompanying the price drop. “We’re seeing significantly high spot volume, which historically can signal a local bottom,” he remarked. High trading volumes during a price drop can indicate panic selling, which often exhausts itself leading to potential recovery. Social Media Sentiment Santiment, an analytics platform focusing on social metrics, observed a spike in discussions around the term “bottom” across various social media platforms. “This is one of the highest spikes in social volume and dominance for the word ‘bottom’ we’ve observed in the past year,” they reported. Historically, such spikes can signify heightened market attention that may correlate with pivotal market movements. Related Reading: SkyBridge Capital\u2019s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins Historical Patterns And Technical Indicators Teddy (@TeddyCleps), a cryptocurrency trader, emphasized the importance of historical patterns and specific technical indicators such as the 21-week Exponential Moving Average (EMA). “Historically, each correction in the BTC bull run has touched the 21-week EMA before rebounding. We’re approaching this indicator; if history is any guide, $61k could represent the bottom,” Teddy explained. The 21-week EMA is a key technical level watched by many traders for signs of long-term trend support. On-Chain Data Analysis James Check (@Checkmatey), an on-chain data analyst, shared his approach focused more on value acquisition rather than exact timing: “My strategy isn\u2019t about pinpointing the absolute bottom but acquiring Bitcoin at significant discounts, as indicated by on-chain metrics like STH-SOPR and STH-MVRV both being below 1.” These metrics suggest that short-term holders are selling at a loss, which can be an opportunistic entry point for long-term investors. I prefer acquiring sats when both STH-SOPR and STH-MVRV are below 1. I’m not looking for bottoms, I’m looking for meaningful discounts. Love to see it.#Bitcoin pic.twitter.com\/Jou9TSH3A9 \u2014 _Checkmate \ud83d\udfe0\ud83d\udd11\u26a1\u2622\ufe0f\ud83d\udee2\ufe0f (@_Checkmatey_) June 25, 2024 Historical Post-Halving Performance Rekt Capital (@rektcapital) analyzed Bitcoin\u2019s performance in post-halving periods, referring to the event where Bitcoin mining rewards are halved, theoretically increasing its scarcity. “BTC has not broken the high nor lost the low of its ReAccumulation Range in any post-halving period. This historical precedent suggests that Bitcoin should hold these levels,” he outlined. Market Psychology Cred (@CryptoCred), another respected trader, offered another angle and is not convinced the bottom is already in: “If this is the BTC bottom, I am likely to miss it. Often, a market that fails to break down at a level, only to return and close below it later, indicates a more legitimate breakdown. I’m not shorting but am also not buying.” At press time, BTC traded at $61,014. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":626229,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,27251,656,679,6848,1119,1122,1144],"class_list":["post-626228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-bottom","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btc-price","tag-btcusd"],"acf":[],"yoast_head":"\nIs The Bitcoin Bottom In? 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Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is The Bitcoin Bottom In? 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