Bitcoin Price Action Says Bottom Is In, Analyst Reveals What’s Coming

Crypto analyst Master Ananda has asserted that the bottom is in for the Bitcoin price following its massive crash below $80,000 last week. In line with this, the analyst revealed what to expect next from the flagship crypto. 

Bitcoin Price Action Shows Bottom Is In

In a TradingView post, Master Ananda claimed that the bottom is in based on the current Bitcoin price action. He stated that last week’s drop, touch-and-go, is the perfect bottom signal. The analyst further remarked that $78,300 can be taken as the bottom, which represents a 28% decline from BTC’s all-time high (ATH) of $109,000. 

Master Ananda also noted that this was a classic retrace, as there always is one after a strong bullish breakout. He explained that this classic retrace is good for the Bitcoin price because the flagship crypto will take its time to build up strength. The analyst added that taking time to grow is good, and is the only way it can work if BTC is to move higher in the long term.

Meanwhile, as to what is next for the Bitcoin price, the crypto analyst stated that on average, daily price increases of $500 or $800 can reveal how long it will take to reach higher prices and higher levels in the coming months. Master Ananda then suggested that the flagship crypto could reach $200,000 next month. 

Master Ananada then advised market participants to buy and hold seeing as the low is in for the Bitcoin price. He added that the market is giving a second opportunity, as market participants have the chance to buy at relatively low prices. The crypto analyst also mentioned that BTC is in an accumulation phase and asserted that it will go up and continue to grow in the long-term. 

BTC Regaining Momentum

Crypto analyst Titan of Crypto also affirmed that the Bitcoin price is regaining momentum. He noted that BTC has reacted strongly to the Kijun acting as support on the weekly chart. The analyst added that a weekly close above the Tenkan at around $94,000 would confirm a shift in momentum and reinforce the bullish case for the flagship crypto. 

Meanwhile, in another X post, the analyst asserted that the Bitcoin bull market is still on. He claimed that there was no bear market in sight according to the Supertrend indicator. As such, the analyst believes that it is not yet time to be bearish. His accompanying chart suggested that the Bitcoin price could still rally to above $200,000 before the bear market kicks in. 

At the time of writing, the Bitcoin price is trading at around $92,000, up over 5% in the last 24 hours, according to data from CoinMarketCap.

[#item_full_content]NewsBTCRead More