- Reputed crypto analyst says Bitcoin needs to bottom.
- Only once BTC bottom can the crypto market recover.
- This move is also the only way altseason’s arrival can be determined.
The present state of the crypto market has the entire crypto community falling deep into a FUD state. At the moment, the CMC Crypto Fear and Greed Index sits at a score of 15, beating out its score of 17, where it was yesterday. This marks a steep drop into the ‘extreme fear’ state, as the pioneer crypto asset, Bitcoin (BTC), falls below $90,000 price range, taking the price of ETH below $3,000 as well. A reputed crypto analyst says Bitcoin needs to bottom, and only then can the crypto market recover.
Reputed Crypto Analyst Says Bitcoin Needs to Bottom
In the last 48 hours, the price of Bitcoin (BTC), the pioneer crypto asset, dropped significantly from 6-digit prices and fell as low as $89,500. In fact, in the last few hours alone, the price of BTC has been moving sideways between the $90,300 and $89,500 price range, marking a steep decline in BTC value, which is down over 5% in the last 24 hours. Despite the falling price, Bitcoin’s 24-hour trading is up over 40%.
At the same time, the price of Ethereum (ETH), the pioneer altcoin asset, fell from the $3,200 price range and dipped below the $3,000 price range. Just a few hours ago, the price of ETH dipped to the $2,900 price range before quickly climbing back above the $3,000 price target. Despite the falling sentiments, a few analysts dare to remain hopeful for altseason, since they believe the bull cycle cannot have ended without an altcoin pump.
Presently, several analysts have accepted that BTC is in a massive downtrend and are just focusing on weathering the storm. However, in the long run, analysts believe that BTC and altcoins will recover and move towards hitting higher prices eventually. As we can see from the post above, this analyst says that all roads lead to Bitcoin right now, and no factor from altcoins, Bitcoin Dominance, or any other indicator will mean anything unless BTC bottoms.
Bitcoin Needs to Bottom Before Altcoins Can Surge
Thus, she concludes that the path forward is analyzing where Bitcoin may and will bottom. At the moment, Bitcoin is in a heavy downtrend on the daily, and all we can do now is hope that it will bottom at a price not too low. So far, she says that each leg-up has been a lower high, which does not bode well. However, on the price side, this, like every other scenario, will eventually pass.
Therefore, any sign or hint of an altseason can only be confirmed once BTC confirms its bottom. Bitcoin can either reach a new level or show signs of a new accumulation range, either way, all traders can consider doing now is wait and make informed decisions based on their risk parameters, and hopefully soon, BTC will bottom, allowing altcoins to enter a bullish altseason run.
