Bitcoin Shows Signs of Bottoming Despite Recent Fluctuations
While the leading cryptocurrency Bitcoin (BTC) rose above $88,000 last week, this rise did not last long. While BTC fell back to $84,000, an analyst said that BTC was showing an upward trend and may have bottomed.
Market analyst Omkar Godbole said that Bitcoin may have bottomed at $76,000 and that some data indicate an upward trend.
The analyst said that Bitcoin is experiencing a correction similar to corrections seen after major events in the past and may have formed a bottom that points to higher lows.
At this point, the analyst, who argued that Bitcoin formed a bottom at $76,000 on March 10, claimed that BTC formed a triangle bottom pattern consisting of higher lows in the last correction, similar to the corrections seen during the US spot ETF launch and the August 2024 yen carry trade pullback.
The analyst said that BTC has fallen 30% from its January peak of $109,000, reaching a bottom on March 10, before and after which it recorded higher lows. Accordingly, BTC bottomed at around $78,000 on February 28 and just above $81,000 on March 31, creating a triangle bottom pattern.
“The triangle bottom pattern, which indicates a transition from lower lows to higher lows and sellers exhaustion, is similar to the bottom patterns seen in early 2024, around the time of the yen carry trade pullback in August 2024 and the spot ETF launch.”
The analyst finally noted that there are bullish signals such as sellers exhaustion and signs of potential bullish momentum, but macro risks remain.
“There are reasons to consider the possibility of renewed bullish momentum. But as always, external risks such as Trump’s tariffs could disrupt this trend.”
*This is not investment advice.
