Bitcoin quickly dropped by 10%, causing widespread fear. Many investors are now severely impacted, with numerous facing significant losses and liquidations. Anthony Pompliano went on Squawk Box and opened about the situation.
He gave a simple explanation and said, “People are seeing these really explosive moves at the beginning of the year, and then also Q4 tends to be a big kind of quarter for crypto as well. Q2 into Q3 tends to go kind of sideways. I think that’s just what we’re seeing.”
Analysts are currently charting what’s next for the king coin. Crypto Crusader said that Bitcoin’s recent close above $60K and the 0.786 retracement level is a solid, positive sign. To confirm this as the bottom, we need to reclaim $62.5K in the short term, which he believes is likely. Despite Bitcoin’s rise, its dominance is dropping, suggesting that altcoins may soon surge to retest or surpass their March highs.
He reminded us that market bottoms never feel like bottoms, and given the prolonged negative sentiment since March, if this is indeed the bottom, we could see Bitcoin reach $80K-$100K next. Enjoy the ride.
The analyst wrote on X, “I told you time and time again bottoms will never feel like bottoms. The entire sentiment has been so negative and, for the most part is has felt like a ghost town since March. If this truly is the bottom, $80K-$100K comes next. Enjoy the ride.”
Rekt Capital said that Bitcoin was never able to break the ReAccumulation Range High so early in the Post-Halving period and added that ‘History suggests BTC should be able to hold here.’ At the time of writing, Bitcoin is up by more than one percent and is trading close to the $62k levels. The coin is down by four percent in the last seven days.
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