Bitcoin has not bottomed yet, according to popular analysts, but they say the low is close. Ali Martinez points to early October and a range as low as $48,000, while Merlijn The Trader says the bottom could come sooner. Bitcoin's open interest has also surged to a 3-year high.
Several popular cryptocurrency analysts believe bitcoin has not yet bottomed in this cycle, though they agree the actual capitulation event is close.
CryptoPotato reported that Ali Martinez, Rekt Fencer, Peter Brandt, and other analysts had concluded the long-anticipated bottom will arrive in early October, with the period between October 4 and October 16 marked as a potential macro bottom.
The call rests on history: bitcoin has bottomed approximately 364 after the bull market top on more than one occasion, though the analysts caution that past performance doesn't guarantee a repeat.
Martinez advised investors to begin a long-term dollar-cost-averaging strategy to accumulate bitcoin. He set the range at between $62,000 and $48,000, calling the lower level the "final capitulation candle" and saying that afterward it would be time to turn bullish.
Merlijn The Trader offered a different take. He noted that the RSI divergence that marked previous market tops has reappeared in an inverted shape at the bottom now.
He said the low may come sooner than Martinez expects and that he won't wait for a dip below $50,000. A monthly close beneath $58,000 would invalidate the pattern, he added.
Bitcoin's open interest has surged to a 3-year high, hinting at a more volatile period ahead.
Source: CryptoPotato
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