Analysis: Bitcoin's bottom is predicted not to fall below $55,000

Comparing news, according to Cointelegraph, cryptocurrency analysts use Bollinger Bands and RSI technical indicators to analyze that the bottom of the Bitcoin bear market will not fall below $55,000, rather than the partially predicted $35,000.

Analyst “Sykodelic” said that Bitcoin has not fully expanded in the current cycle, so there will be no 75% pullback. Historical data shows that the Bitcoin price never fell below the Bollinger Bands on the monthly time frame. Jeff Ko, chief analyst at the CoinEx exchange, is more optimistic, believing that Bitcoin may only pull back to the $65,000-$68,000 range, pointing out that increased institutional investor participation will make future price adjustments more smooth and orderly. Bitcoin's price has now recovered from Monday's low of $84,000 to around $87,000.