Crypto analyst Maelius has alluded to Bitcoin’s historical performance to provide insights into how low the flagship crypto could drop before it reaches a bottom. He also alluded to the BTC.d, which he explained shows that BTC has yet to reach a bottom.
How Low Can Bitcoin Drop Before Finding A Bottom
In an X post, Maelius shared a chart indicating that Bitcoin could still drop below $60,000 before it finds a bottom. The analyst also highlighted the BTC dominance (BTC.d), which he noted usually crashes after the flagship crypto has topped, but that has not yet happened. He alluded to the 2017 and 2021 cycles, noting that they saw massive sell-offs and a bottom in BTC.d shortly after Bitcoin topped.
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Based on his comments, Maelius also raised the possibility that Bitcoin may not have topped, which is why the BTC.d isn’t crashing yet. He remarked that fractal analysts say BTC has topped, but questioned why BTC.d hasn’t had a proper sell-off yet and is only just positioned to have one relatively soon.
The analyst stated that one could argue Bitcoin hasn’t topped yet and that it’s still possible the flagship crypto could run toward previous highs, even as BTC.d still has to crash. He added that BTC.d had never been this high or looked this bearish when BTC was already in a bear market. In an earlier X post, the analyst stated that BTC was trying to confuse both sides.
However, he remarked that higher prices are inevitable and will come soon enough, as the structure remains bullish, and that, until proven otherwise, bears cannot do anything about it. Until then, he urged market participants not to give up on their holdings by selling them at a discount.
Analyst Reiterates That BTC Has Topped
Popular crypto analyst Benjamin Cowen has reiterated that Bitcoin has topped, noting that VTC has always topped in the fourth quarter of the post-halving year. He suggested that the focus now should be on getting through this bear market, which he believes will last until the end of this year.
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He then alluded to a previous outline he had made on how things could play out for Bitcoin up until 2042. Cowen believes accumulation will occur between 2027 and 2028, which will then usher in the uptrend between 2029 and 2030. He predicted that BTC could reach between $300,000 and $500,000 by 2032, before another bear market between 2033 and 2034. The analyst predicted that Bitcoin would reach $1 million between 2040 and 2042 after the next bear market.
At the time of writing, the Bitcoin price is trading at around $83,900, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pngtree, chart from Tradingview.com