Are We at the Bottom for Bitcoin Prices? Analyst Indicates More Decline Ahead

Crypto analyst Leshka has cast doubt on the notion that Bitcoin has reached its price bottom, despite a recent recovery attempt above $70,000. His views coincide with those of fellow analyst Doctor Profit, who suggests that Bitcoin could still see a drop to around $40,000. Leshka pointed out that historical trends show Bitcoin has never found a bottom after a mere 47% drawdown; significant bear markets typically exhibit at least a 78% decline from peak values. Past drawdowns have reached 87% in 2013, 84% in 2017, and 73% in 2021. According to Leshka, another significant price pullback is imminent, predicting a possible dip to about $50,000 before identifying a macro bottom in this market cycle. His analysis reveals that Bitcoin has repeatedly failed to maintain its position above the $72,000 resistance, with a forecasted drop to $55,000 as the next likely step. Additionally, Doctor Profit shares concerns that Bitcoin hasn't established a macro bottom yet, while he anticipates a local bottom might occur between $57,000 and $60,000. The long-term outlook remains cautious, with predictions of Bitcoin possibly falling below $50,000. Analyst Julio Moreno noted that the Bitcoin Bull Score Index has recently risen to its highest point since October, suggesting a shift from extreme bearishness, although he cautioned that the current upswing does not indicate a fundamental recovery and is merely a relief rally during a bear market. As of now, Bitcoin is trading around $69,300.