Is The Bitcoin Bottom In? Top Analyst Predicts Next BTC Price Targets

Following the FTX debacle, the entire crypto market hit sluggishness including Bitcoin. Everyone has one question, is the bitcoin bottom in?
By Shourya Jha
Bitcoin

One of the top analysts of the crypto market has predicted that Bitcoin will hit 18k to 19k before another leg down. However, Bitcoin going anything above this is still very unpredictable and remains a suspense.

Advertisement
Advertisement

Will Bitcoin price breach $18k?

The market still seems to be bearish and the bears should step in to see this kind of high. After hitting this level Bitcoin will come down again to a lower low. The other possible scenario is that it will not hit a lower low. Instead, it will hit a higher low; if the market is more bearish.

There is an expectation of Ethereum hitting a lower low. If Bitcoin takes the higher low, then Ethereum will have to go to a lower low for taking these lows. Bitcoin has already taken its liquidity from the lows. It is anticipated to go above Ethereum. Ethereum, along with other Altcoins will hit a low and then Bitcoin will start showing strength against them, ultimately breaking out.

Invalidation level is clearly starting at 16k, thus, the validation level according to the analyst should definitely be somewhere around 18k to 19k.

Advertisement
Advertisement

So, Is The Bear Market In Crypto Finally Over?

The bear market was predicted to end by 2022, as we enter the new year. However, it is still very prominent in the crypto market. The dust from FTX debacle has settled but the market is yet far from entering the bullish momentum.

A bear market occurs when the market experiences a long-term decline in prices. It typically describes a situation where security prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.

Bear markets are often associated with declines in the overall market or an index such as the S&P 500, but individual securities or commodities can also be considered a bear market if they experience declines of 20% or more over a long period of time—usually two months or more. This market can also accompany a general economic downturn, such as a recession. It can be contrasted with rising bull markets.

Advertisement
Shourya Jha
Shourya is a fintech enthusiast who mainly reports on Cryptocurrency Prices, Union Budget, CBDC, and FTX collapse. Connect with her at [email protected]
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.