Summary
- K33 Research head Vetle Lunde said Bitcoin (BTC) could form a short-term bottom in the $84,000~$86,000 range.
- He explained the current extent of the correction follows a similar pattern to the two most severe declines over the past two years.
- He said that if even this level is breached, there is a possibility of re-testing the April low and Strategy's average price of $74,433.
Bitcoin (BTC) is showing the steepest correction since 2017, and analysis suggests a short-term bottom could form in the $84,000~$86,000 range.
On the 19th (local time), according to crypto-focused media CoinDesk, K33 Research head Vetle Lunde said Bitcoin had fallen for 43 consecutive days and dropped below the ETF average purchase price. He described the current correction as a pattern similar to the two most severe declines that occurred over the past two years.
Lunde said, "If that pattern repeats, Bitcoin's bottom could form between $84,000 and $86,000." He added, "If even this level is breached, there is a possibility of re-testing the April low and Strategy's average price of $74,433."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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