$71,273.49
+6.9%
$3,685.54
+19.39%
$87.65
+5.17%
$30.91
+6.6%
$136.66
+1.78%
$0.00
+31.68%
$31.79
+13.67%
$0.16
+8.39%
$24.83
+6.16%
$0.00
+3.65%

Analyst: Bitcoin Can Bottom at $37.5K En Route to $100K


The cryptocurrency market tumbled throughout the past few days, and Bitcoin’s price is down 10% in a week, trading at around $42,000. According to a popular analyst, BTC might find a bottom between its current rate and $37.5K.

  • Undoubtedly one of the most frequently asked questions on crypto Twitter throughout the past few days is where Bitcoin’s bottom is.
  • This comes amid a considerable decline in the BTC price, which is down 10% in the past week. Just today, the cryptocurrency is down about 2.5%, trading at $42K.
  • Commenting on the matter was a popular analyst going by the Twitter handle SmartContracter, who said:

I think BTC bottoms anywhere between now and $37.5k and gives us a similar structure to what we saw in 2019 just on a larger timescale, with a run to 100k still on the table for 2022 in my opinion (imo).

img1_btc
Source: Twitter
  • To those unaware, 2019 started out with Bitcoin’s price trading relatively close to the bottom from November 2018 – slightly above $3K.
  • As the months went by, the cryptocurrency peaked at around $14K during the summer and then retraced back to $5K by March the following year.
  • The analyst also gave his prediction on what would happen once the price reaches $100K (in his hypothesis):

After $100K+, then we get into 2018-style extended bear market territory.

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