Bitcoin price continued its strong freefall on Friday morning, reaching a multi-month low of $85,500, down sharply from the year-to-date high of $126,300. Still, some analysts and investors believe that the BTC price will eventually bounce back and hit a record high.
Top Analysts Back BTC Price During the Crash
Peter Brandt, one of Bitcoin’s most referenced chart analysts, reiterated that he remains long BTC and views the current correction as a healthy reset. Brandt said he still expects Bitcoin to eventually make a run toward $200,000, maintaining his bullish long-term thesis.
Other top analysts and investors are still bullish on the coin. For example, Tom Lee, the founder of FundStrat and the Chairman of BitMine, believes the ongoing sell-off is mostly due to the large liquidation event on October 10. Historically, unwinds from such events normally take about 8 weeks, and we are now in the 6th one. Lee’s BitMine has continued to accumulate Ethereum during the ongoing crash.
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Michael Saylor, the industry’s biggest Bitcoin buyer, also recommends not selling. In a recent interview, he insisted that his company was still accumulating and that it would do well even if Bitcoin dropped by 90%. Strategy made one of its biggest buys last week, accumulating coins worth over $800 million.
Charles Hoskinson, Cardano’s founder, predicted that the Bitcoin price will end next year at about $250,000, likewise maintaining his bullish view.
Meanwhile, Mike Alfred, a popular analyst, noted that the ongoing Bitcoin price crash was part of the manipulation. He notes that “they” were manipulating it lower using perpetual futures and other derivatives, calling it the biggest scam in the markets. He did not say who they were or what their ultimate goal was.
Bitcoin Price Technical Analysis
The weekly chart shows that Bitcoin’s price has been in a strong bear market over the past few weeks. It has dropped in the past four consecutive weeks and is hovering at its lowest level since April 21.
The ongoing crash followed the coin’s formation of a multi-month rising wedge pattern, one of the most popular bullish signs in technical analysis. It has now moved below the lower side of this wedge and the 50-week Exponential Moving Average (EMA).
Therefore, the most likely scenario is that the BTC price continues to fall as sellers target the next key support level at $74,765, its lowest level in April this year. A move below that level will point to more downside, potentially to $50,000.
On the positive side, the coin is nearing oversold territory, suggesting a potential rebound is near.
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