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After experiencing a sharp drop below $60,000 last week, Bitcoin ($BTC) continues its sideways movement between $60,000 and $62,000.
Following the sharp decline, market analysts are divided. While claims of a bottom for $BTC continue to increase, some analysts argue that the bottom could come around $50,000.
Bitcoin Could Hit Bottom at $53,000!
One of them is CryptoQuant analyst Julio Moreno. According to Julio Moreno, $BTC could bottom out around $53,000.
The analyst cited Bitcoin’s current Realized Price as the basis for this prediction.
The analyst suggested that $BTC’s current Realized Price is $53,600, noting that historically, major bear market lows have formed below this level.
However, Moreno noted that a drop to the Realized Price does not guarantee a market bottom, and that it also needs to be supported by demand conditions, such as spot ETF fund flows.
“The current realized price of Bitcoin is approximately $53,600. Historically, the bottom of major bear markets has formed near or below the realized price.”
The price that occurred is a level that historically confirms a bottom. However, this doesn’t necessarily mean we will fall to that point or that it will be the bottom when we do. But it is a possibility, especially given the weakness in Bitcoin’s demand.”
Moreno stated that the current price level is close to the possible bottom, but more supporting factors are needed to confirm that this is indeed a bottom.
What’s Needed for a Bull Run in Bitcoin?
Moreno also added that the intensity of recent selling has not yet been sufficient compared to past bear market lows, and that total losses in the last month amounted to only 187,000 $BTC.
“Therefore, confirming a bottom will take longer unless demand stabilizes and ETF fund flows improve.”
Finally, the analyst stated that while the Bitcoin price is near a potential bottom, a full-fledged bull market requires a recovery in demand, adding, “Until the recovery of ETF fund inflows and the stabilization of demand are confirmed, it would be appropriate to view the current price level as a potential support line rather than a definitive bottom.”
*This is not investment advice.