Analyst Points to This Level and Date as the Bottom in Bitcoin (BTC) Price!
Bitcoin (BTC) fell to $111,000 with the crash on Monday, but rose to $113,000 today.
But with neither bulls nor bears able to establish a clear trend, investors are wondering if another decline is imminent as the historic bullish month of October approaches.
At this point, market participants are predicting a new drop in the BTC price before a real recovery occurs.
Accordingly, crypto analyst Ted Pillows, in his latest analysis from his X account, said that there will be one last wave of decline before the rise, with the giant $17.5 billion option expiration waiting to happen.
The analyst stated that the final decline he expects in Bitcoin could be up to $107,000.
The analyst also recently predicted that Bitcoin would bottom in September and then begin to rise.
“Bitcoin usually bottoms in September.
In just 2 days, the $17,500,000,000 Bitcoin option will expire with a maximum pain point of $107,000.
Historically, BTC moves towards maximum pain during such large expirations.
I still think there’s a big drop before the turnaround.”
Popular investor BitBull, on the other hand, stated that Bitcoin followed the same pattern it drew in the first quarter of 2024 and the price could drop to $103,000.
“Bitcoin is doing the same thing it did in the first quarter of 2024. The long-term trend is still upward, but we could see some correction. At this point, I wouldn’t be surprised to see Bitcoin retest the $103,000-$105,000 level before a reversal.”
*This is not investment advice.