As Bitcoin ($BTC) trades below $70,000 following its latest decline, a crypto analyst is watching for a potential market bottom. His analysis suggests that a price floor could be near, as bearish momentum and selling pressure appear to be slowing. The analyst has pointed to a key indicator that has consistently signaled $BTC’s bear-market lows for over a decade, reinforcing the view that the prolonged downtrend could be ending soon. However, the expert also cautions that it may take several months for the market to reach this level and fully stabilize.
Why The Bitcoin Bottom Could Be Closer Than Expected
Crypto market analyst identified as Investor Jordan on X has presented a new Bitcoin price analysis, forecasting where the leading cryptocurrency could finally reach a bottom in this cycle. Over the past few months, $BTC has experienced significant volatility and negative sentiment amid the ongoing bear market.
In the past few weeks, Bitcoin has crashed toward $60,000, climbed back above $70,000, and then slipped again to $67,000 at the time of writing. Throughout this price fluctuation, market analysts have continued to predict a potential price bottom, with some suggesting $BTC has already hit its lowest point this cycle. In contrast, others believe further declines could be ahead.
Investor Jordan, however, offers his unique view. In his $BTC price analysis, he stated that it is hard to imagine that the market bottom is not already in or at least very close. He says this because of a historical Relative Strength Index (RSI) signal that has consistently marked a price floor for Bitcoin over the past 11 years.
Investor Jordan noted that in previous cycles, whenever the Bitcoin RSI dropped below 30 and entered oversold territory, it closely aligned with $BTC’s cost of production. The cost of production here refers to the total expense required to mine Bitcoin. He noted that for 11 years, this area has been the bottom before $BTC began a move to new highs.
The analyst’s chart shows that Bitcoin’s RSI is about to break below 30 again and enter oversold territory. If history repeats itself, this could signal that Bitcoin has reached its final bottom. While he emphasizes the strong likelihood of this outcome, Investor Jordan also cautioned that it may take several weeks or even months for the bottom to play out fully.
Analyst Predicts $BTC Bottom By Summer End
In a separate analysis, market expert Titan of Crypto predicted that Bitcoin could reach a price bottom by the end of summer, likely in late August. He noted that $BTC has historically found a price floor three to four months after forming an Ichimoku Death Cross.
According to Titan of Crypto, if this Death Cross pattern repeats, Bitcoin could form its highly anticipated price floor before any potential recovery to the upside.
Featured image from Pixabay, chart from Tradingview.com
