Bitcoin (BTC) has recently maintained a decrease trend and approaches critical support levels, while investors focus on determining the potential bottom level. XAI’s artificial intelligence model Gok 3 predicted the interval of Bitcoin’s time.
The decline continues in Bitcoin
Bitcoin experienced a serious retreat after the $ 108,000 summit in January. Currently traded below $ 90,000, BTC is at the lowest levels of the last three months.
Gok 3, based on past data, Bitcoin’s great rise after 20 %to 40 %corrections, he said. In this context, he argued that the current withdrawal was a usual market movement and historically important support levels were approached.
When will Bitcoin reach the bottom point?
Bitcoin’s halving cycle, which takes place every four years, is one of the main factors affecting price movements. After the last half of April 2024, historically, bull markets peaked in 12 to 18 months.
In this context, Gok 3, the current decrease is not the beginning of a long -term bear market, on the contrary, said it was an intermediate correction. The model predicts that Bitcoin can make a bottom between mid -March and early April between $ 78,000 to 82,000 dollars. However, regulatory developments, interest of corporate investors and macroeconomic factors may affect this process.
What do the technical indicators say?
Technical analysis indicators indicate that Bitcoin is on the verge of an important market change. Cryptoquant’s Taurus-Fay Market Cycle indicator shows that Bitcoin has switched to the overnight phase and is in a major correction phase.
In addition, this indicator, based on the relationship between Bitcoin’s 365 -day and 30 -day moving averages, reveals that the market is often recovered after major retreats.
Can Bitcoin rise?
On-Chain data shows that Bitcoin can rise again. The data provided by Cryptoquant reveals that Bitcoin’s realized missing margin has reached a level of 14%and that this level coincided with the market bottoms in the past.
In addition, Bitcoin’s active number of active addresses reached the highest level of three months. According to Glassnode data, as of February 28, the number of active addresses rose to 912,300. This is considered a typical movement seen in market bottoms or peaks.
Critical levels for Bitcoin
Bitcoin was traded at 85,800 dollars at the time of writing this news and recorded an increase of 1.5 %in the last 24 hours. However, it is seen that it has decreased more than 10 %on a weekly basis.
For the time being, the $ 80,000 level stands out as a critical support point that can prevent Bitcoin from falling further. On the other hand, the reconstruction of the $ 90,000 level may confirm that the market is starting to recover.
