Bitcoin (BTC) is Rising, But It Will Be Temporary! Analyst Reveals the Level He Expects for the Real Bottom!

As tensions between the US and Iran in the Middle East continue unabated, Bitcoin (BTC) remains strong.

Bitcoin, although it fell to the $70,000 level after the first talks between the US and Iran over the weekend ended without a result, has risen again to the $74,000 level.

This rise was influenced by news that a second round of talks between the two countries would begin and by growing expectations that the Bank of Japan would not raise interest rates this month.

While Bitcoin is trying to remain strong amidst recent developments, some analysts predict that BTC could fall to $50,000 before experiencing a sustainable recovery.

At this point, LVRG Research Director Nick Ruck predicts that the $50,000 level could be the last major buying opportunity before a real recovery begins.

Ruck stated that Bitcoin’s price falling to these levels would represent a healthy cycle reset, given the broader economic pressures and weak capital flows into cryptocurrencies.

Ruck also stated that Bitcoin has fallen by approximately 40% from its recent all-time high, with significant participation from institutional investors, a smaller drop than in previous bear markets. In this context, Ruck noted that the current bear market has its own unique macro-structural characteristics, arguing that for these reasons, a drop of more than 60% might not occur in this cycle.

Aside from Nick Ruck, Bitcoin investor and analyst Ivan Liljeqvist also stated that Bitcoin has not yet reached its bottom.

“I don’t think we’ve hit the bottom yet, and I don’t think $60,000 is the bottom. The trend is still downward. There’s no bullish momentum right now.”

*This is not investment advice.

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