Analyst: Bitcoin Can Bottom at $37.5K En Route to $100K
The cryptocurrency market tumbled throughout the past few days, and Bitcoin’s price is down 10% in a week, trading at around $42,000. According to a popular analyst, BTC might find a bottom between its current rate and $37.5K.
- Undoubtedly one of the most frequently asked questions on crypto Twitter throughout the past few days is where Bitcoin’s bottom is.
- This comes amid a considerable decline in the BTC price, which is down 10% in the past week. Just today, the cryptocurrency is down about 2.5%, trading at $42K.
- Commenting on the matter was a popular analyst going by the Twitter handle SmartContracter, who said:
I think BTC bottoms anywhere between now and $37.5k and gives us a similar structure to what we saw in 2019 just on a larger timescale, with a run to 100k still on the table for 2022 in my opinion (imo).
- To those unaware, 2019 started out with Bitcoin’s price trading relatively close to the bottom from November 2018 – slightly above $3K.
- As the months went by, the cryptocurrency peaked at around $14K during the summer and then retraced back to $5K by March the following year.
- The analyst also gave his prediction on what would happen once the price reaches $100K (in his hypothesis):
After $100K+, then we get into 2018-style extended bear market territory.
