Bitcoin’s bottom is currently being debated by seasoned traders and analysts in the crypto market. There are two main viewpoints on when the bottom will be set for Bitcoin. Some believe that the bottom has already been reached at around the $57,000 mark, while others expect it to fall further to $48,000 once all the sell-offs conclude.
The recent dip in the crypto market can be attributed to the sell-offs from Mt. Gox reimbursements and the German Government selling its crypto holdings. The German Government’s sell-off has been ongoing for the past couple of weeks, while Mt. Gox’s sell-off has just begun.
Amidst these market fluctuations, seasoned traders and analysts have expressed their perspectives on the matter. While their opinions differ on when the bottom will be set and when the recovery phase will begin, they all agree that there will be an upward movement after this prolonged dip.
One analyst, Doctor Profit, who is known for his accurate predictions, believes that the local bottom for Bitcoin has already been reached at around $57,000. However, the price has dropped below this level to the $55,000 range. Nonetheless, Doctor Profit warned that this prediction could be affected by the fear, uncertainty, and doubt caused by the Mt. Gox reimbursements.
On the other hand, Miles Deutscher, another reputable crypto trader and analyst, thinks that Bitcoin will fall further to the $48,000 price range before reaching its local bottom. He suggests that Mt. Gox and the German government should quickly sell their funds to bring an end to the prolonged sell-offs.
The ongoing sell-offs have negatively impacted market sentiment, but it is expected that once they are complete, the crypto market will experience a steady recovery. Both sides of these analysts’ expectations foresee the start of a new bullish cycle for Bitcoin after the sell-offs are over.
In conclusion, there is ongoing debate among traders and analysts regarding the timing of Bitcoin’s bottom. The market will likely experience a recovery once the sell-offs conclude, paving the way for a potential bull run.