Analyst Says Bitcoin Hasn’t Seen A True Bottoming Formation Yet, What This Means For Price

Crypto analyst LP argues Bitcoin hasn't formed a true bottoming formation yet, suggesting the current cycle differs from previous bear markets where bottoms formed after multiple low sweeps. The analyst expects Bitcoin to eventually target lower levels around $63,000 before establishing a proper bottom.

• →Bitcoin hasn't shown a true bottoming formation despite appearing to form support at current levels around $69,100.
• →Previous bear cycles saw bottoms form after multiple sweeps of lows forcing capitulation, but this cycle has been different with consistent high sweeps.
• →Analyst expects Bitcoin to eventually sweep the $63,000 level as part of range-bound price action.
• →Recovery momentum is supported by reports of potential 45-day U.S.-Iran ceasefire negotiations.
• →Liquidity clusters suggest more concentrated liquidations to the upside near $75,000, with long liquidations building around $66,000.