Crypto Analysts Predict Bitcoin Bottom Ahead of Potential New Bull Cycle

Crypto markets have been experiencing a downturn in recent times, with Bitcoin's (BTC) price struggling to find a stable foothold. However, two prominent analysts believe that this trend is about to reverse.

Sykodelic, a well-known crypto analyst, has stated that the 'Bitcoin bleed' is almost over and that the leading cryptocurrency is unlikely to drop below $40,000. In an X post, Sykodelic explained that the current price action is similar to what occurred in 2022, when BTC found a bottom at around $12,000. He noted that back then, there was zero demand below this level, and that 'clear air' existed between $12,000 and $40,000.

However, Sykodelic emphasized that the current situation is different. According to him, the largest pocket of supply for BTC in over five years is just below the higher-time-frame (HTF) bullish structure, making it unlikely that the price will drop as low as $40,000. Instead, he predicts a deviation from the range low at around $60,000, followed by a reclaim and a push back above $74,400 to confirm an expanded flat.

Willy Woo, another prominent analyst, also weighed in on the matter. In his X post, Woo pointed out that old-school on-chain models suggest that BTC will form a bottom between $46,000 and $54,000. However, he cautioned that these models rely on past behavior and that there have been only four prior bear markets, all within a secular bull market in risk equities.