Bitcoin: ‘$60K ends up being the bottom’ this cycle, analysts predict

Similarly, BTC extended weekly losses in April, hitting a low of $59.6K amidst halving, US tax season, and Middle East tensions.

BTC has since improved and was above $66K, ready to reverse recent losses. Additionally, the halving and US tax season are out of focus. Middle East tensions also eased slightly.Renowned crypto analyst Tuur Demeester recentlythat $60K could be the bottom of the current correction and fits Glassnode’s current bull pattern.

“Bitcoin: I think it’s likely that $60K ends up being the bottom of this correction. 20% drawdown from the high.”Another pseudonymous crypto analyst, McKenna,Demeester’s correction bottom at $60K. According to McKenna, BTC halving sell-offs could be over, and an extended sideways movement was likely.

“I think there is a high probability that the bottom for the halving selloff is in, but simultaneously, I think there is an equal high probability that we are forming a re-accumulation range.McKenna claimed that BTC’s possible sideways movement could rally stronger altcoins. But an AMBCryptoOn his part, Rekt Capital, a renowned trader and market cycle analyst, opined that current prices could be the best bargain for BTC if we’re in the re-accumulation phase.

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