- Seasoned analysts share their opinion on when the local bottom will be set for Bitcoin (BTC).
- One side of the story says Bitcoin (BTC) will be set now around the $57,000 mark.
- The other opinion expects a bottom to come in at $48,000 once all the sell offs conclude.
As the crypto market continues to dip mainly due to the Mt. Gox reimbursements sell offs and from the German Government selling its crypto holdings. The latter has been a slow sell off since the past couple of weeks while the former has just begun its share of BTC selling.
As hope sinks and traders watch the market for signs of recovery, many seasoned crypto traders and analysts share their take on the matter. Amidst the noise two sentiments take the lead.
While both points of views differ in when the bottom will be set and when the recovery phase will resume, the one thing they agree on is the fact that there will only be an upwards run following this prolonged dip scenario.
On the one hand, sharing the opinion that the Bitcoin (BTC) local bottom will be set now is Doctor Profit. In the weeks leading up to this latest market dip, seasoned analyst Doctor Profit called for the Bitcoin (BTC) local bottom at this price range.
To highlight, Doctor Profit is a reputed crypto market analyst known for his very accurate predictions. So far, he has predicted many accurate market movements giving him a silver-tongue when it comes to crypto market movements.
Many bears will find out soon
— Doctor Profit
57k was local bottom imo
Indeed, the bottom of box..(@DrProfitCrypto) July 4, 2024
(@DrProfitCrypto) This time, he called the bottom at $57,000. However, the BTC price has dipped below this number to enter the $55,000 range. Earlier this week he shared his weekly report where he called for a BTC bottom at $57,000 but also issued a warning saying this number could waver due to the FUD caused by the Mt. Gox reimbursements. Thus, his prediction has come true once again.
Meanwhile, on the other hand, where the opinion is that Bitcoin (BTC) will fall to the $48,000 price range to print the local bottom is reputed crypto trader and analyst, Miles Deutscher. In his point of view, he says Mt. Gox and the German government should just fully send their funds and get it over with.
It seems that these prolonged sell offs are hurting market sentiment and once the sell offs are complete, the crypto market can make a steady and peaceful recovery to the top once again. All in all, both sides of these analysts’ expectations guarantee a sentiment that says once these sell offs are over, the Bitcoin golden bull cycle will likely begin.
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