After a corrective rebound, the market has been consolidating sideways. Market bottom point predictions summary#Gate春节赛马红包嘉年华

On February 10, after experiencing a continuous decline in the crypto market since January 15, Bitcoin rapidly dropped from $97,000 to just above $60,000. Subsequently, the market experienced a corrective rebound, and Bitcoin has been consolidating around $70,000 for several days. Given the current unpredictable market trend, there is a high consensus among market opinions regarding the crypto bear market. Regarding specific bottom point predictions, BlockBeats summarizes the main viewpoints as follows:

Analyst @alicharts, combining Bitcoin historical data and technical indicators, predicts that Bitcoin is approaching the 200-week moving average (currently at $58,000), which has historically served as a bottom and accumulation zone during bear markets over the past 12 years. On the other hand, Bitcoin's historical bottom is usually near the -1.0 MVRV valuation zone. Currently, this level is $52,040.

Glassnode analyst Chris Beamish states that the long-term holder cost basis heatmap shows a dense support level above $60,000, where long-term holders are highly concentrated. Further up, around $80,000, there is dense supply, forming a key resistance level. This range defines the current supply chain competition landscape.

Famous trader and chart analyst Peter Brandt, who successfully predicted the 2018 Bitcoin crash, stated on the 6th that if Bitcoin dips into a support zone similar to previous bear markets' "banana peel," the bottom may be slightly below $42,000. Brandt believes that the lower edge of the banana peel curve is the strongest and most critical long-term support area for Bitcoin. Historically, the bottoms of major bear markets (2011, 2015, 2018, 2022) have been close to or slightly below this line. (It is worth noting that in this cycle, Bitcoin has never successfully touched the upper edge of the banana peel during its rise.)

Chinese on-chain analyst Murphy, combining on-chain indicators CVDD (Cumulative Value Days Destroyed Index), points out that the current CVDD is $44,904, and it continues to rise dynamically at an average rate of $540 every 30 days. In other words, there is a high probability that this bear market bottom will not fall below $45,000, only approaching it infinitely.