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⚡️ Two Experienced Experts Comment on Whether We’ve Seen the Bottom in Bitcoin – Is the Worst Behind Us?

Following Bitcoin’s drop to the $60,000 level in the cryptocurrency market, two prominent market figures offered assessments suggesting that the bottom may have been reached.

Kip Herriage, founder and managing partner of Vertical Research Advisory, argued that Bitcoin has bottomed out. According to Herriage, there has been a “clear sell-off peak” in BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT).

Herriage noted that during the period when trading volume reached record levels on IBIT, Bitcoin’s Relative Strength Index (RSI) fell to its third-highest ever oversold level. He also pointed out that during the same period, the Bitcoin Fear & Greed Index dropped to 5, its lowest point in history.

Herriage stated that according to VRA systems, IBIT has fallen to a level “beyond oversold,” adding, “The rubber band has been stretched too far. As a result, we believe bottom levels have been reached. We are buyers.”

On the other hand, Jurrien Timmer said that Bitcoin’s drop to $60,000 last week coincided with the support zone he had previously indicated. Timmer recalled that in his analysis a few months ago, he had stated that the four-year bull cycle might have come to an end.

According to Timmer, Bitcoin’s drop to $60,000 represents a relatively limited correction compared to past “crypto winters.” Stating that Bitcoin has matured into a “commodity currency” over time, Timmer suggested that price fluctuations may be less severe than in the past.

Noting that it is unclear whether $60,000 is the definitive bottom, Timmer stated that his own prediction is that this level is the bottom. A new cyclical bull market may begin after a few months of sideways and volatile movements. Pointing to the “mathematical congruence” in past cycles, Timmer said this is not a guarantee for future performance, but new highs are possible over time.

#BTC | #Bitcoin
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$DOGE is up 21% in the last 24 hours.

Something is coming…

💥BREAKING:

ELON MUSK'S "X" IS ABOUT TO BECOME THE BIGGEST CRYPTO PLAYER.

Just today, it was announced that X will launch crypto trading directly from its timeline.

This is expected to happen within a few weeks, and most people are underestimating the impact.

X has nearly 600 million monthly active users, which is 50M+ more than global crypto users.

In several countries, X is the most visited social app and has 1B+ total downloads.

Compare it with any crypto exchange, X is by far the biggest platform which will provide crypto trading.

Elon Musk's other companies like Tesla and SpaceX already own Bitcoin and now X is going even deeper.

I know a lot of people are expecting a gigantic pump, but this is something which will play over a long period of time.

Just like ETFs didn't start a bull run immediately, this announcement will also take time to show its impact.

But once X starts going all-in crypto, hundreds of millions of new users will enter the crypto space which will result in both a parabolic adoption and price.

$BTC King About To Break The Ceiling 👑🚀

Entry Zone: 68,800 – 70,500
Bullish Above: 71,500
TP1: 75,000
TP2: 82,000
TP3: 95,000
SL: 66,500
#MarketRebound #CPIWatch #USRetailSalesMissForecast
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Bumped into this guy at a restaurant. Maybe I should go workout with him. If you know him, you, like me, probably spend too much time on social media.