Outlook for Bitcoin’s Sustained Price Bottom Remains Uncertain: Analyst Predicts Timeline For BTC’s Potential Drop to $30,000

The outlook for a sustained Bitcoin price bottom remains uncertain, according to new analysis from trader CryptoCon, who spots unresolved technical risks despite nascent stabilization signs.

CryptoCon highlights that BTC has yet to revisit crucial long-term support confluence around the $30K level:

“No Bitcoin cycle mid-top has ever been made without a revisit to the Monthly Least Square Moving Average. The price of this MA: $30,358. This number is increasing steadily, but price has come no where close to the always tested support.”

This monthly least-square MA, currently near $30K and rising steadily, has consistently provided pivotal pullback support even during bullish cycles. The fact that Bitcoin remains well above this area despite current uncertainties leads CryptoCon to estimate further downsides are still ahead.

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In particular, historical mid-cycle tops rarely form without retesting this key moving average zone. So absent that occurring, the data argues against calling a definitive bottom just yet. CryptoCon believes February/March will likely resolve the uncertainty with a climatic capitulation move towards the low $30Ks.

Still, others assert Bitcoin has already bottomed due to fundamental catalysts like grayscale selling exhaustion and bearish sentiment extremes. These indicators typically crest ahead of durable low formation.

So the picture remains split, with around $30K acting as key battleground support. A decisive breakdown likely accelerates selling pressure and confirms CryptoCon’s thesis. But holding could signal that the bottom is indeed intact and the next growth wave is brewing. Bitcoin’s price action and momentum shifts around this zone will prove pivotal for resolving these wide-ranging convictions over the coming months.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency