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Meanwhile, another popular analyst claimed the bottom is not in, as he expects more pain ahead.
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Summarize with AI
Summarize with AI
Bitcoin dumped hard in early February, plunging to a 15-month low of $60,000. This meant that it had shed over 50% of its value since early October when it peaked at over $126,000.
Although it has recovered roughly 20% since that low and sits close to $72,000 now, there are still some analysts warning that the asset is not out of the woods yet and could be primed for another major correction. One of them even highlighted the entry points where he wants to buy more BTC.
Buy at $50K?
Crypto analyst Jelle told his over 115,000 followers on X that his entry plan remains the same, as he wants to start buying bitcoin at around the $50,000 region. He believes the cryptocurrency could be on the verge of another decline, especially as the weekly RSI levels remain strongly oversold.
CryptoPotato reported yesterday that fellow analyst Merlijn The Trader outlined the massively oversold levels for BTC on the weekly RSI. He added that, after three similar instances in the past, whenever the metric fell to such oversold levels, it exploded by triple-digit or even quadruple-digit gains in the following months.
However, it now depends on maintaining the $65,000 support. If bitcoin loses that, it could indeed head toward new lows, while the weekly RSI will likely continue to deepen.
Before that, Jelle noted that BTC still has a bear flag below a key resistance, and doubled down that he expects a revisit to the low $60,000s in the coming weeks. If it fails there, the chances for a drop to $50,000 will grow exponentially.
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No Bottom Yet
Doctor Profit, who is also among the most-followed crypto analysts on X, but typically leans more bearish, also weighed in on the cryptocurrency’s performance and its ability to overcome the current slump. He believes bitcoin has not bottomed out yet, and predicted that it will drop even below Jelle’s projected entry zone, perhaps dumping all the way to $40,000.
Nevertheless, he explained that BTC could be on its way up in the short-term now, only to be rejected at $79,000-$84,000 and pushed south by 50% or more.
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Source: https://cryptopotato.com/when-to-buy-bitcoin-next-analyst-outlines-exact-entry-levels/
