Bitcoin could ‘Bottom Out’ at this price, reveals Analyst

Vinod Dsouza
btc bitcoin
Source: Pexels

Bitcoin is clinging to the $30,000 mark with slight signs of an improvement today. BTC’s spike has helped the market turn green as top cryptos are showing a decent price rise. However, Bitcoin has been playing the ‘snake and ladder’ game of dipping below the $30,000 the very next day after it tries to claw back. This development has created uncertainties in the market and investors are now fearful of buying the dip.

Even the CEO of JP Morgan, Jamie Dimon predicted that Bitcoin will slump much further in the coming months. However, the million-dollar question on everyone’s mind is ‘when will Bitcoin bottom out’? While a few analysts claim that BTC has already bottomed out, the others claim that BTC will face further correction.

Read More: Bitcoin Mining Moratorium Bill passed, but Gov delays final call

When Will Bitcoin’s Price Bottom Out?

Source: Pixabay

Financial expert John Squire, the partner at Ojamu, an AI & Blockchain-powered platform, has predicted that Bitcoin will plummet further. In a recent tweet, Squire said to his 386,000 followers that Bitcoin could bottom out at around $20,000

“We are in a very volatile moment where Bitcoin will bottom out at around $20K,” Squire predicted.

“It is time to study the projects while we wait for the market to stabilize and we can buy more tokens and go to the moon together. Calm down, there’s little left,” he said in his latest tweet.

Read More: Bitcoin Miners are under Stress and here’s why

Squire has predicted that Bitcoin and the entire crypto market could catapult during the last quarter of the year. He also stated that the recent crash should not be worrisome and that those who made use of the dips will be rewarded.

Nonetheless, many other analysts have predicted that BTC will slump much more than $20,000 and fall to $11,000. Read here on why an analyst believes that BTC is headed to $11,000 in the coming months.

Bitcoin is now down 56% from its all-time high and has barely moved forward this year. At press time, BTC is trading at $30,479 and is up 3.81% in the 24-hours day trade.