Did Bitcoin Bottom Out Already? This Is What Traders Predict
Just as Bitcoin’s price movement begins to entice investors after three weeks of lull, experts believe more is yet to come. From a low of $30,329 in 24 hours, BTC’s price is now trading at $31,949, the highest recorded since May 11. The positive momentum resulted in debate around whether Bitcoin bottomed out already or not.
Bitcoin’s Biggest Daily Gain
The price momentum also reflects one of the strongest daily spikes witnessed in the recent past. Monday’s price increase of 7.7% in 24 hours is the highest recorded in nearly three months. Bitcoin recorded its biggest daily gain on Monday, which was the highest since March 9, according to CoinMarketCap.
Opening the day at $29,443 and closing at $31,949, Bitcoin’s price movement was an encouraging sign for investors. Interestingly, the price jump took Bitcoin’s market cap above $600 billion for the first time on Monday in over three weeks.
The Bitcoin market cap dropped to below the $600 billion mark on May 8, when the market crash began. As of writing, the total market cap of BTC stands at $604.51 billion.
Trader Predicts More Bitcoin Downfall
A crypto trader who goes by the name Capo on Twitter, feels the bearish scenario is still in play. There are no reasons to be bullish yet, he warns.
“I have been checking dozens of charts and all I see is bearish retests or liquidity take. Confluence for the bearish main targets is insane, and that would be 40-60% down for altcoins. Hidden bearish divergences everywhere on htf (high frequency trading). No reasons to be bullish yet.”
Also, the analyst predicts another 25% to 30% price decline in BTC. Following that, the recovery period could span up to three months, he said.
Capo is not the only one to call out an even deeped BTC bottom. In fact, the overall sentiment in the market is bearish, going by the Twitter activity of active traders.
Around a week ago, another crypto trader Ash said he predicts a Bitcoin bottom at $14,000 in this cycle. “This cycle’s Bitcoin bottom will be around $13k – $14k.”
On the other side, there is a huge pool of crypto traders and analysts who feel Bitcoin bottom was already phased out in the range of $28,000.
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
