Crypto YouTubers: "Bitcoin's bottom was $60,000"

▲ Bitcoin (BTC)

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

BeInCrypto reported on May 1 (local time) that prominent European crypto YouTubers Carl Runefelt and David Wulschner diagnosed that the bottom of this downtrend was most 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 convinced that this was the bottom of the current downturn." He cited the absence of a frantic speculative craze 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 excitedly discussing Bitcoin, there was also less justification for the price to collapse miserably.

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

Benjamin Cowen's "Indifference Theory," from the founder of Into The Cryptoverse, also supports these claims. Cowen argued that since this cycle peaked amidst indifference, not euphoria, a large-scale sell-off like in 2018 will not occur. He assessed that the increase in long-term holdings by institutions, coupled with a weaker influx of retail investors compared to 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 prices falling further in the event of geopolitical crises or political uncertainty. Wulschner advised that to profit in a bull market, a strategy of building a strong portfolio foundation during a downturn like the current one is necessary. The Bitcoin ecosystem is currently seeking new directions based on institutional liquidity and technical support levels.

*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.*