Leading cryptocurrency Bitcoin (BTC) has fallen over 13% from its peak of $124,000 reached in mid-August.
After a sharp correction in recent weeks, the BTC price has fallen below $110,000.
While investors are wondering if and when Bitcoin will bottom, Bitfinex analysts shared their BTC expectations.
Bitcoin’s historical bearish patterns and seasonality indicate that the market is actually in the final stages of a correction phase, Bitfinex analysts said in their latest weekly report.
Analysts, noting that the bottom is approaching, said on-chain data suggests a possible cyclical bottom of $93,000-$95,000 for Bitcoin.
Analysts noted that altcoins also experienced declines and performed worse, reflecting general risk-aversion behavior.
Bitfinex analysts noted that despite the decline, institutional demand for ETH remains strong.
“Despite Ethereum and altcoins performing poorly, institutional demand for ETH remains strong, pointing to a possible Q4 recovery.
September may mark a cyclical bottom before structural drivers re-ignite the recovery in the fourth quarter.
*This is not investment advice.