Analysts Predict Bitcoin’s Bottom Near $60,000 Amid Market Trends
- Bitcoin recently fell to $74,532, below $81,000, indicating a potential downturn.
- Analysts at Compass Point estimate Bitcoin could bottom between $60,000 and $68,000.
- 7% of Bitcoin owned by Long-term Holders was acquired in the $60,000–$68,000 range.
- Bitcoin ETFs have seen $3 billion in net outflows since January.
- The price range of $70,000 to $80,000 has been identified as an “air pocket” with weak support.
Analysts suggest that further declines in Bitcoin’s price may require a broader risk-off event in U.S. equity markets. The current support level for Bitcoin is critical as past bear markets have often breached average cost bases under extreme conditions.
With strong support expected around the $60,000 mark and significant outflows from Bitcoin ETFs, the market remains cautious as it navigates these turbulent times.(Source)
