As the leading cryptocurrency Bitcoin continues to search for direction around $64,000, one analyst stated that $BTC has bottomed out and that he does not expect a sharp decline.
Crypto analyst Killa, known by his pseudonym and closely followed in the cryptocurrency market, said that Bitcoin is unlikely to experience a sharp pullback to the $36,000-$48,000 range as many investors expect.
The analyst, in their assessment from account X, stated that Bitcoin typically forms three major bottoms in past bear cycles, with the last two being decisive for the market.
According to the analyst, Bitcoin formed a slight bullish divergence after falling to around $59,000. However, selling pressure was not enough to push the price lower.
The analyst argued that this situation indicates the market is gaining strength rather than weakening, and that the conditions necessary for a sharp decline scenario have largely disappeared.
“Bitcoin Enters Accumulation Range!”
The analyst stated that Bitcoin has now entered a clear accumulation range, and he sees the approximately $57,000 level as a significant floor.
However, according to the analyst, $BTC may experience short-term dips below this level from time to time. But he emphasized that this would not mean a new bear market.
Analyzing past market cycles, the analyst noted that prices tend to recover after major lows, adding that considering historical trends, a prolonged and sharp decline for $BTC to the $36,000-$48,000 range does not seem consistent with the current market structure.
The analyst stated that if Bitcoin were truly going to initiate a new wave of decline towards the $40,000 region, it should have happened by now.
*This is not investment advice.
