Galaxy Research: Bitcoin Has Not Yet Hit Bottom

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 4 hours ago

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Bitcoin Bottom Prediction: Galaxy Research indicates that Bitcoin has not yet bottomed out in the current cycle, with a potential base forming between $40,000 and $46,000, reflecting ongoing market pressures that could impact investor confidence.
Historical Cycle Analysis: The report highlights that Bitcoin's price movements follow a four-year cycle, and while the current decline has reached 51%, it is still considered moderate compared to historical drops of 85%, which may influence future investment strategies.
Cost Basis Impact: With Bitcoin's average cost basis at approximately $53,000, even a sharp decline similar to past cycles could result in a higher bottom price, affecting investor decision-making and market dynamics.
Market Sentiment Changes: Galaxy emphasizes that the amplitude of current cycles is gradually shrinking, indicating a stabilization in market sentiment; however, the potential bottom may still be higher than in previous cycles, reflecting long-term confidence in Bitcoin.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	53987.783	56559.346	59621.193	62192.756	65254.603	67826.166	70888.013
Fibonacci	56559.346	58711.309	60040.794	62192.756	64344.719	65674.204	67826.166

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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