Bitcoin (BTC) Correction May Be Nearing Its End! Bitwise Analyst Reveals Two Possible Levels Where Bitcoin Could Bottom!
Bitcoin's correction is deepening day by day. The price of BTC plummeted to $82,000 during the day.
While we are wondering how far this decline can go and at what level it will stop, the latest prediction came from Bitwise Europe research head Andre Dragosch.
Bitwise analyst Andre Dragosch noted that the likely biggest pain range for Bitcoin is the $84,000 to $73,000 range.
At this point, Dragosch said that Bitcoin's biggest pain zone is found between two critical cost-based levels.
The two critical cost basis levels, he said, are BlackRock's IBIT fund's average cost of $84,000 and MicroStrategy's cost floor of $73,000.
Dragosch argued that the final cycle bottom is more likely to form somewhere between these levels, noting that reaching either level could signal a cycle clearing and potentially the final bottom.
“Bitcoin could see an IBIT cost base of $84,000 or an MSTR cost base of $73,000 and I think we've reached maximum pain at this point.
We will most likely see the final bottom somewhere between these two.
But I think these will be very cheap prices and it will be like a complete cycle reset.”
CryptoQuant analyst with the pseudonym XWIN Research also stated in a recent analysis that if the Fed does not cut interest rates in December, Bitcoin could fall to between $60,000 and $80,000 by the end of the year.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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