Bitcoin slides, but you do not want to miss out

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  • Bitcoin is down 1.52% on the week, bears are under more pressure

  • One Quant Analyst Expects Bottom in About 3 Months But Bitcoin Is Attractive

  • Bears Have the Edge Until BTC Retests $19,000

Bitcoin (BTC/USD) is down 1.52% the most in a week cryptocurrency War. Despite a minor recovery of 0.25% on the day, the price of the largest cryptocurrency was struggling to hold $17,000. At press time, BTC was trading at $16,860. This has raised questions over bitcoin’s ability to recover the $19,000 resistance.

But a well-known crypto analyst thinks bitcoin is a bargain at its current low valuation. Crypto analyst dubbed PlanB expects bitcoin to rally at least 5,800%. Consider that bitcoin is trading at almost 4 times less than its all-time high of over $68,000. Considering the stock-to-flow model, the analyst says that the current BTC price is a “steal”.

Typically, the stock-to-flow model assesses the value of assets by comparing their current price to that of supplies. In his view, the next BTC halving could propel the price to $100k-$1 million if we consider BTC’s original 2019 model or $55,000 model. They expect the supply to decrease around the halving event in 2024. But how about short-term price?

PlanB believes that a BTC bottom could occur in about three months. He says that the price of BTC has fallen from record highs to 18-month lows.

BTC Struggling To Rise Above 20-Day MA

BTC/USD Chart by TradingView

Daily Chart From a technical perspective, BTC’s gains are limited. While the price held the $16,000 support, the bears are increasing pressure as the price climbed above the 20-day MA.

The RSI is pointing down and is slipping beyond the 50-midpoint reading.

Will BTC Stay Bearish?

limited upside btc price Indicates that the bear market is not over yet. $19,000 remains an important resistance. If BTC breaks below $16,000, the next level to watch is around $13,000.

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