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The cryptocurrency market tumbled throughout the past few days, and Bitcoin’s price is down 10% in a week, trading at around $42,000. According to a popular analyst, BTC might find a bottom between its current rate and $37.5K.
- Undoubtedly one of the most frequently asked questions on crypto Twitter throughout the past few days is where Bitcoin’s bottom is.
- This comes amid a considerable decline in the BTC price, which is down 10% in the past week. Just today, the cryptocurrency is down about 2.5%, trading at $42K.
- Commenting on the matter was a popular analyst going by the Twitter handle SmartContracter, who said:
I think BTC bottoms anywhere between now and $37.5k and gives us a similar structure to what we saw in 2019 just on a larger timescale, with a run to 100k still on the table for 2022 in my opinion (imo).
- To those unaware, 2019 started out with Bitcoin’s price trading relatively close to the bottom from November 2018 – slightly above $3K.
- As the months went by, the cryptocurrency peaked at around $14K during the summer and then retraced back to $5K by March the following year.
- The analyst also gave his prediction on what would happen once the price reaches $100K (in his hypothesis):
After $100K+, then we get into 2018-style extended bear market territory.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.