Bitcoin: Corrective Phase or Market Bottom
In recent weeks, a growing number of analysts have suggested that BTC may be in the process of forming a market bottom. But is this a plausible scenario? Looking at the weekly chart, the current maximum drawdown stands at approximately 52%, which is significantly shallower than previous corrections that ranged between 72% and 83%. Source: […]
In recent weeks, a growing number of analysts have suggested that BTC may be in the process of forming a market bottom. But is this a plausible scenario?
Looking at the weekly chart, the current maximum drawdown stands at approximately 52%, which is significantly shallower than previous corrections that ranged between 72% and 83%.
Taking all of this into account, it appears more likely that the market is still undergoing a corrective phase within a broader downtrend, rather than establishing a confirmed bottom.
Where could a bottom form?
By projecting previous drawdowns and aligning them with long-term support levels and the macro ascending trendline, it seems reasonable to anticipate a potential bottom in the $35k–$40k USD range.
Source: tradingview.com
As always, this should be considered a speculative analysis based on technical patterns. Only time will determine whether this scenario plays out as expected.
This article is for information only and is not investment advice. Crypto prices are volatile and you can lose money. Do your own research before buying or holding any crypto asset.
