Crypto YouTubers "Bitcoin, $60,000 was the bottom"

▲ Bitcoin (BTC)

An analysis suggests that the price of Bitcoin (Bitcoin, BTC) bottomed out at the $60,000 mark.

BeInCrypto reported on May 1st (local time) that prominent European crypto YouTubers Carl Runefelt and David Wulschner diagnosed that the bottom of this downturn was likely already formed at $60,000. They predicted that Bitcoin would not experience an extreme crash of 80% like in the past. Currently, Bitcoin is trading around $76,500, supporting this analysis.

Analyst Runefelt, who operates The Moon Show, recalled when Bitcoin temporarily dropped below $60,000, stating, "When Bitcoin hit the $59,000 range, I was already confident that this was the bottom of the current downtrend." He cited the absence of a frenzied speculative boom or an altcoin surge in this cycle, unlike in the past. He explained that since there was no 'euphoria phase' where the whole world was loudly discussing Bitcoin, there was also less reason for the price to collapse miserably.

Wulschner, host of Crypto Family, also pointed out that expecting Bitcoin to fall below $50,000 could be a mistake. While he set the range between $52,000 and $53,000 as a strong accumulation zone, he assessed that the current price level acts as a robust support line. Although the possibility of a drop to $39,000 in a worst-case scenario cannot be ruled out, he analyzed that continuous accumulation by institutional investors such as Michael Saylor is firmly supporting the market's downside.

Benjamin Cowen's "Indifference Theory," founder of Into The Cryptoverse, also supports this claim. Cowen argued that since this cycle peaked amidst indifference rather than euphoria, a large-scale sell-off like in 2018 would not occur. He assessed that the increase in long-term holdings by institutions, while the inflow of individual investors is less than in previous years, has fundamentally changed the market structure.

However, unexpected external variables such as war or a black swan event still remain risk factors. Runefelt cautioned against the possibility of lower prices if geopolitical crises or political uncertainties arise. Wulschner advised that to make profits in a bull market, a strategy of strengthening the portfolio's foundation during a downturn like the current one is necessary. The Bitcoin ecosystem is currently seeking a new direction based on institutional liquidity and technical support lines.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*