Bitcoin Level Predictions from Expert Analysts

Bitcoin (BTC) evaluation from two cryptocurrency analysts who stand out with their correct predictions.

The crypto expert who knew the bottom levels correctly in the 2018 bear market; Noted that Bitcoin (BTC) and Ethereum (ETH) are close to recording the lows of this cycle. Analyst Smart Contracter to 208,000 Twitter followers; “Btc and Eth are at their 200-week moving averages. I think the bottom is very, very close. Maybe new lows are seen on lower timeframes. But this is the right spot to save. This is pure capitulation." 200-week moving average; It has been recorded as the bottom for the bear market for Bitcoin in the last eight years. In the analyst's statement, Bitcoin has bottomed 4 times in its 200-week moving average dating back to 2014. “It is probably safe to assume that this is a pretty strong level. Of course, we can get under this, but there are still six days until the end of the week,'' he said. He predicts that Bitcoin will not be able to withstand the 80 percent drop that occurred in the 2014-2018 bear markets. “I personally feel that the higher each cycle the lower the percentage of falling from each bear's peak. The amount of dollars deleted already exceeds 2018 quite a bit.” Another cryptocurrency commentator, who draws attention with his comments, states that BTC lost 30 percent of its value in seven days. Talking about the two bottoms for Bitcoin, crypto analyst Josh Rager said, “There is a good possibility that we will see that $22,300, where the moving average is now, is a real possibility for a potential bottom.” The 200-week SMA has historically allowed Bitcoin to tread at bear market lows. Josh Rager, looking at the retracement percentage from the all-time high; He continued his words while expressing that BTC could still fall: “If you look from 2013 to 2015, we observed an 80 percent decrease in prices. The all-time high of $20,000, you saw an 83.84 percent pullback from December 2017 to November 2018. So basically we've had historically more than 80 percent retracement from all-time highs during market cycles. Now the problem with this is that; From its all-time high of $69,000, bitcoin's previous wick went just 63 percent. Even if we dig down to the 200-week simple moving average, this is only 67-68 percent below the record level.” According to Rager, an 80 percent drop from BTC's all-time high would push Bitcoin down to the $14,000 price level. He highlights that the price area offers solid support for BTC from a higher timeframe perspective. Rager continues his statements with the following statements: “The block zone here has roughly dropped from $17,000 to $14,000. You will also notice that this is the area where the price rejected during the 2019 uptrend after the bottom and before the black swan event. Then it rose again and had some trouble. Finally it went up and went down again. Retested the level; rose again. So if it drops below the 200-week SMA, I think this is a good level to buy.”