BlockBeats News, December 2nd, Cryptocurrency analyst @Sykodelic_ expressed the view that some people believe Bitcoin will fall to $35,000, which is complete nonsense. First of all, for Bitcoin to retrace 75%, it would need to fully expand, and in this cycle, it has not done so.
The current overall market is similar to 2019, not 2018 and 2021. Around the end of the 2019 QT, Bitcoin retraced to the Bollinger Bands’ midline and found support. Therefore, in the worst-case scenario, if this is a severe bear market wave… if Bitcoin’s closing price is below the monthly midline, then the expected maximum bottom could reach $55,000.
