It has been just revealed that Bitcoin is about to hit its bottom, according to the latest reports. Check out the new price prediciton below.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $26,517.
New BTC price prediction is out
According to a leading cryptocurrency analyst, Bitcoin’s recent market decline may soon be over. The pseudonymous analyst, DonAlt, has shared with the TechnicalRoundup YouTube channel’s 51,200 subscribers that Bitcoin is approaching its market bottom.
However, the analyst suggests that Bitcoin may need to decrease by over 20% from its current value to reach the crucial support level.
“We’re getting close to support, but we’re getting close to support while drifting lower. I hate that. I don’t want to drift into support…”
He continued and stated the following:
“What I usually do think about is when you drift into support, I’m thinking this could be the bottom time-wise, but we could wick down to the next support, and that the next support below this kind of like $24,000 to $22,000 area is just $20,000. So the longer this goes and the slower we go, the more likely I think $20,000 becomes.”
DonAlt says that he’d be happy to accumulate BTC if it hits $20,000.
The trader is currently monitoring Bitcoin’s ability to regain support at $27,400, which would indicate its strength.
Michaël van de Poppe, the famous crypto trader, recently informed his 657,400 Twitter followers that BTC’s lows were “getting swept,” and that they were nearing the $25,000 mark.
“There we go on Bitcoin.
The lows are getting swept.
Heavily interested to see the response at the $25,000 region.”
He made sure to explain the fact that if Bitcoin fails to stay above $24,500, it will likely crash to $23,000.
“Not a great morning, as Bitcoin is correcting (in line with Gold), while indices are doing really well,” he stated.
