Crypto traders and analysts predict a final capitulation phase for Bitcoin price before it reaches its bottom out.
Bitcoin To Drop
According to a new video by crypto strategist Jason Pizzino, Bitcoin may be close to making a new bear market low now that it failed to follow through on a classic bottom pattern.
“When you get a signal like this – double bottom, any particular signal like that fail – you can see the breakdown here, once this goes beneath that bottom level ($18,600), that is a failure of a double bottom. That usually means you’re going to see lower prices, significantly lower prices than this current low ($18,600)” said Pizzino.
In spite of the crypto analyst’s prediction that Bitcoin will experience another leg down, he believes the correction will not be as severe as what BTC experienced between January and June.
The Prediction Range Where Bitcoin Could Bottom Out
In addition, Pizzino said that they pay close attention to what the market sentiment does, and the sentiment is fearful right now.
“We always pay very, very, very close attention to what the market sentiment is doing, and the market sentiment is fearful. So the drop-down in price may not be that much. Maybe it goes to $13,000, $14,000, $15,000, $16,000, but in terms of the emotion, it will be extreme. People will feel really, really bad about the move down.”
On the other hand, iL Capo Of Crypto, a crypto analyst who goes by the twitter name @CryptoCapo_ shares his thoughts on his Twitter about two possibilities regarding Bitcoin.
The Bitcoin price will go up at $23.000 if it reaches $20.300 to $20.600; if it does not it will go down, although if it gets to $23.000 it will also drop to $14.000 until $16.000.
Must need to adjust your timelines here. As we near the bottom which we are technically near the bottom zone as anything under $20k is nearing the bottom, this is where volume reduces and timeframes will stretch out. The true bottom likely will not be until 2023 or later.
— Eric Schweizer (@ericschweizer) September 22, 2022
Meanwhile, one Twitter user commented on @CryptoCapo_ post saying, “must need to adjust your timelines here. As we near the bottom which we are technically near the bottom zone as anything under $20k is nearing the bottom, this is where volume reduces and timeframes will stretch out. The true bottom likely will not be until 2023 or later.”