Crypto analyst Killa has alluded to the diminishing cycle analysis, which helped him predict the Bitcoin top at around $120,000. Based on this analysis, he suggested that the Bitcoin bottom isn’t in, despite the recent rally, with BTC set toÂ
Diminishing Cycle Analysis Points To Bitcoin Bottom At $38,800
In an X post, Killa stated that the diminishing cycle analysis, which is part of the tool in the model he used to predict the Bitcoin top, points to $38,800 as the predicted bottom. He noted that this was the same model that led to his top prediction of $121,362, with BTC eventually topping at around $126,100. Â
Now, the analyst’s base model outputs $38,800 as the predicted bottom. He added that to account for the same 5% variance that offset his Bitcoin top prediction, he has included two multiples of $40,740 and $42,680. Killa noted that even at the highest end of the range, $42,680, the Bitcoin bottom is still below $60,000.Â
As such, Killa declared that $60,000 as the Bitcoin bottom in this bear market is very optimistic, considering the diminishing cycle analysis. He added that he will stick with his model and, regardless of everything, will be buying as much spot BTC as possible around July and August. The analyst also mentioned that anything within the $40,000 and $60,000 range is a bargain long-term and that the predictions are purely based on math and patterns.Â
This analysis suggested that BTC’s recent rally to almost $80,000 may be a bull trap, with BTC likely to still drop lower in the long term. The leading crypto and the broader crypto market are currently rallying on the back of optimism that the U.S.-Iran war could end soon.Â
BTC Still Likely To Drop To At Least $50,000
Crypto analyst Doctor Profit, who had also predicted the Bitcoin top, has reiterated that Bitcoin is still likely to drop to around $50,000 despite its recent rally. In an X post, he stated that he is certain that BTC will visit higher targets in the short term. This could happen with a rally towards the $83,000 to $85,000 area, at least for the leading crypto, before it prepares for the big downside move afterward.Â
Doctor Profit stated that he is still expecting targets below $50,000 in the coming months. Meanwhile, he predicted that the Fed is likely to lower rates soon, which is bearish for Bitcoin and could contribute to a move lower. The next FOMC meeting is scheduled for later this week on April 29.Â
At the time of writing, the BTC price is trading at around $77,800, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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