Opinion: Bitcoin fell as low as $55,000 in this round of decline; the "$35,000 bottom theory" is nonsense.
AI Summary1 min read
TL;DR
Crypto analyst @Sykodelic_ argues that Bitcoin falling to $35,000 is nonsense, citing market cycles and technical analysis. In a worst-case scenario, the bottom could be around $55,000, similar to 2019 patterns.
Tags
Halving TokensLayer 1Bitcoincryptocurrency analysismarket cyclestechnical analysisprice prediction
According to Mars Finance, on December 2nd, crypto analyst @Sykodelic_ stated that the claim that Bitcoin will fall to $35,000 is complete nonsense. Firstly, for Bitcoin to fall 75%, it must have fully expanded, which it hasn't done in this cycle. The current market is similar to 2019, not 2018 or 2021. Around the end of QT in 2019, Bitcoin fell back to the Bollinger Band middle line and found support. Therefore, in the worst-case scenario, if this is a severe bear market… if Bitcoin closes below the monthly midline, then the expected maximum bottom could reach $55,000.