According to ChainCatcher, citing Cointelegraph, cryptocurrency analysts using Bollinger Bands and RSI technical indicators believe that the bottom of this Bitcoin bear market will not fall below $55,000, rather than the $35,000 predicted by some.
Analyst "Sykodelic" stated that Bitcoin's current cycle is not fully expanded, therefore a 75% retracement is unlikely. Historical data shows that Bitcoin's price has never fallen below the lower Bollinger Band on a monthly timeframe. CoinEx exchange chief analyst Jeff Ko is more optimistic, believing Bitcoin may only retrace to the $65,000-$68,000 range, pointing out that increased institutional investor participation will make future price adjustments more gradual and orderly. Currently, Bitcoin's price has rebounded from Monday's low of $84,000 to around $87,000.
