Bitcoin (BTC) Hasn’t Found A Bottom Yet And Its Base Is Weak According To Cryptocurrency Analysts

On Tuesday, there was a price surge in the market that left altcoins lagging behind. Since then, they’ve recovered a great deal against the USD. BTC has managed to hold firmly above the $3500 level. Yesterday, Bitcoin was down by 0.45% by press time trading at $3,629. Even with the pressure on the market, BTC was able to dominate the market by 52.3%. Several analysts have shared their opinion about current state of the market. While some believed that Bitcoin has reached a bottom, some others don’t see a bottom in site.

An analyst from Cracked Market blog, Jani Ziedens said that Bitcoin is poised to fall lower against the USD. Ziedens noted that there is enough evidence to show that the largest cryptocurrency per market capitalization is heading lower. In his words:

“BTC is still struggling to stay in the mid $3000 level. If Bitcoin was oversold, the price would have bounced back by now. The weak base shows that the demand is still very low and the cryptocurrency hasn’t bottomed out yet.”

Ziedens isn’t the only one who believes the bears aren’t done with the market yet. Two days ago, Murad Mahmudov, an industry insider, said Bitcoin (BTC) will fall as low as $1,700 before it reaches bottom. Mahmudov’s prediction should not be taken likely because he has built a reputation for himself as a Bitcoin analyst who provides a mixture of fundamental, technical and historical analysis of the industry.

On Twitter on Sunday Mahmudov took to his handle in a thread to explain why he believes Bitcoin will find bottom at $1,700. He made reference to the 2014 and 2016 bear market when analyzing today’s bear market. Comparing the current technical analysis to the historical analysis, Mahmudov concluded that BTC will fall as low as $1,700 or $2,200 by Spring this year.
Mahmudov recent analysis comes just after he talked about cryptocurrencies on Tone Vay’s YouTube channel. In that podcast, Mahmudov said that BTC will fall as low as $1,700. However, rather than explaining from a historical perspective as he did on Twitter, he explained from a fundamental level. He believes that many small market capital altcoins are currently undervalued.

Another cryptocurrency analyst, Moon Overlord, agreed with Mahmudov. He explained that there is a high possibility that the price of BTC will fall more before it hits bottom if history is to be considered. In his words:“While history doesn’t always repeat itself, it often rhymes. So, if we are to learn anything from previous trends its that BTC may hit $1,700 by April.”

Another analyst called Chris Burniske was a little more optimistic about BTC this year. The partner at Placeholder Ventures said that if the cryptocurrency market is to follow a multi-year cycle, the year 2019 will be characterized by new products from blockchain based companies.

At the time of writing, BTC was trading at $3,635.63. This shows that it is down by 0.61% against the USD with a trading volume of $5,267,853,049 and a market capitalization of $63,572,802,620.

Do you think Bitcoin has reached a bottom? Will the first cryptocurrency per market capitalization still fall lower against the USD? Share your thoughts.