While the search for short-term direction in the Bitcoin market continues, the evaluations of two different analysts indicated that the price may be approaching an important turning point. However, both names stated that there may be another fluctuation in the market before a definitive bottom is formed.
Possibility of a final pullback in the technical outlook
According to cryptocurrency analyst Ted, Bitcoin could form another lower high before completing the cycle bottom, followed by a final pullback. The analyst stated that if this structure is maintained, the general downward trend may continue to be valid.
According to analyst Ted’s assessment, Bitcoin peaking lower once again under the resistance keeps a picture on the agenda in which the sellers will gain weight again.
According to the shared charts, Bitcoin fell below both the ascending trend line and the horizontal support around $75,000 in the two-day period. On the 12-hour chart, the possibility of a short-term recovery attempt stands out. However, it is considered that if this recovery remains below the resistance zone, the downward structure may not be disrupted.
Ted argued that after this scenario, another sharp pullback could occur and this could pave the way for the formation of the cycle bottom. On the other hand, it was stated that the negative outlook may weaken if Bitcoin regains the resistance zone and starts to form higher peaks.
Historical bottom signal in the long-term indicator
Another cryptocurrency analyst, CW, stated that Bitcoin is approaching a long-term support area that has coincided with major market bottoms in the past. The logarithmic regression chart shared by CW shows that the price is trading in the lower part of the long-term growth channel.
Mini dictionary: Logarithmic regression band is a technical analysis tool used to monitor the long-term growth trend of the price more balanced. It is preferred to see the historical bottom and top areas more clearly, especially in assets that grow exponentially over time, such as Bitcoin.
In the long-term chart shared by CW, it was emphasized that Bitcoin is approaching the lower band again, where significant bottoms were seen in past cycles, and that this region has historically been viewed as an accumulation area.
According to the chart, the 2011, 2015, 2018 and 2022 bear market bottoms formed near or below the lower boundary of this channel. The current price movement is also approaching the same region, leading the analyst to consider this as a historical bottom signal.
| Analyst | Level or structure monitored | prominent expectation |
|---|---|---|
| Ted | $75,000 resistance and weakening support structure | Another decline after a lower peak |
| C.W. | Lower band of the long-term logarithmic regression channel | Approach to the historical bottom zone |
What is the market watching
CW’s chart doesn’t offer a specific time estimate. However, it was noted that the current outlook points to an area similar to where long-term investors have purchased in the past. However, it was also warned that past performance does not guarantee the same result in the future and that Bitcoin may remain volatile before forming a clear bottom.
Two main titles stand out in the market now. The first is whether Bitcoin will face selling pressure again by forming a lower high in the short term. The second is whether the price can hold on to the lower band of the long-term regression channel. These two indicators are among the technical signals that investors will follow most closely in the coming period.
