Where is Bitcoin’s bottom (BTC)?
While recognizing that it is possible that the level has already been reached, chain analyst James Check suggested that a real background may not be in place before Bitcoin suffers from a real capitulation event.
This would probably require a drop in zone of $ 65,000, said check, calling the “market average”, that is to say the average cost base of active investors.
At this stage, according to Check, which spoke of the Podcast TFTC, the average investor can start to feel the pressure of unrealized losses. Even long -term holders, including those who have held Bitcoin for five years, could find themselves underwater. Interestingly, this price level aligns closely with Michael Saylor’s strategy, which has a similar cost base of around $ 67,500.
Where does the capitulation take the market?
While the check provides considerable decline in zone of $ 65,000, it sees solid support in the range of $ 49,000 to $ 50,000, prices representing the launch of ETFs in 2024 as well as a market capitalization of $ 1 Billion for Bitcoin. A drop to $ 40,000 as low seems unlikely, he said, less than a global recession.
The check also took note of the extended period of “chopsolidation” in 2024 – where Bitcoin exchanged for months in a large range between $ 50,000 and $ 70,000 – as establishing a solid support base.
