As the leading cryptocurrency Bitcoin continues to search for direction around the $64,000 mark, one analyst stated that $BTC has hit bottom and he does not expect a sharp decline.
Crypto analyst Killa, known by this pseudonym and enjoying significant popularity in the cryptocurrency market, stated that Bitcoin is unlikely to face a sharp drop to the $36,000–$48,000 range as many investors expect.
The analyst, based on his assessment on the X account, stated that in previous bear cycles, Bitcoin typically forms three major lows, with the last two being decisive for the market.
According to the analyst, after dropping to around $59,000, Bitcoin formed a small bullish divergence. However, selling pressure was insufficient to push the price lower.
The analyst argued that this situation indicates that the market is strengthening, not weakening, and that the conditions necessary for a sharp crash scenario have largely disappeared.
"Bitcoin is Entering an Accumulation Range!"
The analyst stated that Bitcoin has now entered a clear accumulation range, and he considers the level around $57,000 to be an important lower boundary.
However, in the analyst's opinion, $BTC may experience short-term dips below this level from time to time. But he emphasized that this would not signal a new bear market.
Analyzing past market cycles, the analyst noted that prices tend to recover from major lows, adding that, given historical trends, a prolonged and sharp decline of $BTC to the $36,000–$48,000 range does not align with the current market structure.
The analyst stated that if Bitcoin were indeed going to initiate a new wave of decline to around $40,000, it should have happened already.
*This is not investment advice.
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