{"id":633713,"date":"2024-08-07T18:30:22","date_gmt":"2024-08-07T18:30:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=633713"},"modified":"2024-08-07T13:11:42","modified_gmt":"2024-08-07T13:11:42","slug":"bitcoin-bottom-below-50000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-bottom-below-50000\/","title":{"rendered":"Analyst Says Bitcoin Bottom Is Not In, Will Price Crash Below $50,000 Again?"},"content":{"rendered":"

Crypto analyst Altcoin Sherpa<\/span><\/a> recently suggested that the Bitcoin bottom isn\u2019t yet in and that the flagship crypto could still drop to new lows. Meanwhile, other crypto analysts like <\/span>Mikybull Cypto<\/span><\/a> have made a case for why the bottom is in and suggested that it is unlikely that Bitcoin will drop below $50,000 again.\u00a0<\/span><\/p>\n

Bitcoin Bottom Is Likely At The $40,000 Range<\/h2>\n

Altcoin Sherpa mentioned in an X (formerly Twitter) <\/span>post<\/span><\/a> that Bitcoin is more likely to find its bottom at the <\/span>$40,000 range<\/span><\/a> rather than at 50,000. He noted that this would mean a \u201cfew more nasty wicks, a few more liquidations, and a bit more pain\u201d as the flagship crypto could still drop below the <\/span>psychological level of $50,000<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here?<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

The analyst made these statements while predicting how the next few months could play out for Bitcoin and the broader crypto market. <\/span>Altcoin Sherpa<\/span><\/a> added that he expects Bitcoin\u2019s price to range for the next one to four months. He further predicted that the market would witness \u201c<\/span>temporary pockets of altcoin moves<\/span><\/a>,\u201d leading to euphoria among market participants.\u00a0\u00a0<\/span><\/p>\n

Why The BTC Bottom Is In<\/h2>\n

Mikybull Crypto offered a different view and <\/span>explained<\/span><\/a> why the <\/span>Bitcoin bottom<\/span><\/a> is already in, with the flagship crypto unlikely to drop below $50,000. Using the <\/span>Elliot Wave Theory<\/span><\/a> to analyze Bitcoin\u2019s price action, the analyst mentioned that the chart shows that the wave four macro correction is ending. He remarked that wave five will take Bitcoin to a minimum target of $135,000, which should happen in the next few months.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Mikybull Crypto further alluded to the spike in the <\/span>volatility index (VIX), <\/span><\/a>which he noted usually signals a macro bottom, just like it did in 2020. The Relative Strength Index (RSI) is another indicator the analyst highlighted to show that the macro bottom is in. He added that the <\/span>Bank of Japan\u2019s<\/span><\/a> assurance of no further rate hikes until the market stabilizes has also helped to reduce the pressure on Japan\u2019s carry trade,\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Lastly, Mikybull Crypto mentioned that Bitcoin\u2019s funding rate is in negative territory, which usually leads to a short squeeze. He added that the Spot Bitcoin ETFs trading volume is on a new level, and <\/span>whale accumulation<\/span><\/a> for the past thirty days has never slowed, which he claimed shows that <\/span>institutional investors<\/span><\/a> are bidding rather than distributing.\u00a0<\/span><\/p>\n

Related Reading: XRP Whales Take Advantage Of 20% Drop To Buy Millions Worth Of Tokens<\/a><\/div>\n

Cryptoquant\u2019s CEO Ki Young Ju<\/span><\/a> recently revealed that 404,448 BTC have been moved to permanent holder addresses over the past 30 days. He suggested that institutional investors are likely the ones accumulating these bitcoins. The crypto founder added that retail investors would regret not buying the flagship crypto because they were afraid of the bearish narratives currently surrounding Bitcoin.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $56,800, up over 2% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price jumps above $57,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto analyst Altcoin Sherpa recently suggested that the Bitcoin bottom isn\u2019t yet in and that the flagship crypto could still drop to new lows. Meanwhile, other crypto analysts like Mikybull Cypto have made a case for why the bottom is in and suggested that it is unlikely that Bitcoin will drop below $50,000 again.\u00a0 Bitcoin Bottom Is Likely At The $40,000 Range Altcoin Sherpa mentioned in an X (formerly Twitter) post that Bitcoin is more likely to find its bottom at the $40,000 range rather than at 50,000. He noted that this would mean a \u201cfew more nasty wicks, a few more liquidations, and a bit more pain\u201d as the flagship crypto could still drop below the psychological level of $50,000.\u00a0 Related Reading: Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here? The analyst made these statements while predicting how the next few months could play out for Bitcoin and the broader crypto market. Altcoin Sherpa added that he expects Bitcoin\u2019s price to range for the next one to four months. He further predicted that the market would witness \u201ctemporary pockets of altcoin moves,\u201d leading to euphoria among market participants.\u00a0\u00a0 Why The BTC Bottom Is In Mikybull Crypto offered a different view and explained why the Bitcoin bottom is already in, with the flagship crypto unlikely to drop below $50,000. Using the Elliot Wave Theory to analyze Bitcoin\u2019s price action, the analyst mentioned that the chart shows that the wave four macro correction is ending. He remarked that wave five will take Bitcoin to a minimum target of $135,000, which should happen in the next few months.\u00a0 Mikybull Crypto further alluded to the spike in the volatility index (VIX), which he noted usually signals a macro bottom, just like it did in 2020. The Relative Strength Index (RSI) is another indicator the analyst highlighted to show that the macro bottom is in. He added that the Bank of Japan\u2019s assurance of no further rate hikes until the market stabilizes has also helped to reduce the pressure on Japan\u2019s carry trade,\u00a0 Lastly, Mikybull Crypto mentioned that Bitcoin\u2019s funding rate is in negative territory, which usually leads to a short squeeze. He added that the Spot Bitcoin ETFs trading volume is on a new level, and whale accumulation for the past thirty days has never slowed, which he claimed shows that institutional investors are bidding rather than distributing.\u00a0 Related Reading: XRP Whales Take Advantage Of 20% Drop To Buy Millions Worth Of Tokens Cryptoquant\u2019s CEO Ki Young Ju recently revealed that 404,448 BTC have been moved to permanent holder addresses over the past 30 days. He suggested that institutional investors are likely the ones accumulating these bitcoins. The crypto founder added that retail investors would regret not buying the flagship crypto because they were afraid of the bearish narratives currently surrounding Bitcoin.\u00a0 At the time of writing, Bitcoin is trading at around $56,800, up over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":633722,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-633713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nAnalyst Says 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Says Bitcoin Bottom Is Not In, Will Price Crash Below $50,000 Again?","url":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-bottom-below-50000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-bottom-below-50000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Bitcoin_23b6a0.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Bitcoin_23b6a0.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-08-07T18:30:22Z","datePublished":"2024-08-07T18:30:22Z","dateModified":"2024-08-07T18:30:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Says Bitcoin Bottom Is Not In, Will Price Crash Below $50,000 Again?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-bottom-below-50000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-bottom-below-50000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin_23b6a0.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin_23b6a0.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-08-07T18:30:22Z\",\"datePublished\":\"2024-08-07T18:30:22Z\",\"dateModified\":\"2024-08-07T18:30:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Bitcoin_23b6a0.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/633713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=633713"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/633713\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/633722"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=633713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=633713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=633713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}