CryptoQuant Analyzes Bitcoin Bear Market, Predicts Bottom at $60K
- Bear Market Confirmation: CryptoQuant's head of research, Julio Moreno, indicates that Bitcoin may have been in a bear market for two months, as its price has fallen below the one-year moving average, signaling a shift in market sentiment that could undermine investor confidence.
- Price Prediction: Currently trading around $88,543, Moreno forecasts that the bear market bottom could be between $56,000 and $60,000 over the next year, based on historical performance and the average purchase price of holders, which may lead investors to reassess their risk exposure.
- Relative Stability: Compared to previous bear markets, this time Bitcoin's drawdown is approximately 55%, significantly lower than the historical 70% to 80%, indicating a gradual stabilization of the market after high-profile collapses, which may attract more investors.
- Increased Institutional Participation: The current market features more institutional investors and ETFs buying Bitcoin periodically, creating a more stable demand structure that suggests an improving market foundation, potentially setting the stage for future price recovery.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 35997.598 | 47998.799 | 60267.618 | 72268.819 | 84537.638 | 96538.839 | 108807.658 |
| Fibonacci | 47998.799 | 57269.947 | 62997.671 | 72268.819 | 81539.967 | 87267.691 | 96538.839 |
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