"Not the bottom yet"...Bitcoin, worst case is a fall to '30,000 dollar range'

▲ Bitcoin (BTC)

While Bitcoin (BTC) is holding steady around $70,000, specific price ranges have been suggested, indicating that the market bottom may not have been formed yet.

Crypto media outlet The Crypto Basic reported on April 9 (local time) that a market technical analyst divided Bitcoin's potential bottoming zones into four stages. This analysis is characterized by focusing on a 'zone-by-zone bottom approach' based on a dollar-cost averaging strategy rather than a single specific price.

Currently, Bitcoin is trading around the $70,000 mark and showing a short-term rebound, but past data-based indicators suggest that further downside is still possible.

The analyst suggested the first buying zone at around $63,000. This is a relatively shallow correction zone and the closest line of defense to the current price level. The second zone was set between $56,000 and $60,000. This zone is considered an area where mid-term investors can actively enter.

The third key support zone was presented between $47,000 and $49,000. This zone aligns with the average purchase price of long-term holders and is an area where strong rebounds have historically occurred frequently.

In the most extreme scenario, the range of $36,000 to $43,000 is also open. This is analyzed as the 'final capitulation zone' where market fear is maximized, and a strong rebound begins at the stage where only long-term investors remain.

On-chain indicators also support the possibility of these lower zones. The CVDD indicator, which tracks the movements of long-term holders, points to around $47,000 as a key bottom, and the MVRV 0.8 band indicates an extremely undervalued state at around $43,000.

The analyst emphasized, "Rather than trying to pinpoint the exact bottom, a strategy of entering in multiple zones is effective." They also pointed out that periods when the market is gripped by fear have often been the strongest buying opportunities.

The current market is in a transitional phase where both expectations of a rebound and the possibility of further declines coexist. Investors are advised to adopt strategic responses based on multiple scenarios rather than a single price prediction.

*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.*