I have spent hours analyzing the current cryptocurrency market to determine where the actual price bottom might be. While many analysts are calling $40,000 the ultimate bottom for Bitcoin (BTC), market opinions remain widely divided during times like this.
Looking closely at the Bitcoin chart, there is a strong support zone between $59,700 and $60,000. Bitcoin has tested this level multiple times and struggled to break below it, leading many market participants to believe that $60,000 could be the bottom.
However, my analysis suggests that the true bear market has just begun. I anticipate a major downward move if the price successfully breaks below the $54,000 level.
Right now, the price is reacting to an old area of value. Buyers view this as an important accumulation zone and are placing significant buy orders. While these orders are currently slowing down the downward momentum, they are not enough to absorb the massive supply in the market. Once this level is cleared, there is a high probability that Bitcoin will drop to the $42,000 level
As is typical in the market, almost all altcoins are falling because Bitcoin is down. I used this opportunity to enter a short (sell) position on Ethereum (ETH), which I am still holding.
Trading becomes much easier when you let the price come to you, follow the established trend, and avoid trying to force the market to do what you want. It is as simple as that.
Based on current market behavior and price mapping, my analysis indicates a high probability that Ethereum will head toward the $860 level. That would be all for now friends,Cheers
