Bitcoin (BTC) showed signs of recovery in the last 24 hours after a rough trading week. The cryptocurrency crashed to $91,000 on February 3, raising questions about whether it has reached a local bottom.
Market analysts are still debating if Bitcoin is ready for an upward move or if more corrections are coming.
Crypto expert Ali Martinez shared insights that suggest Bitcoin may not have reached its lowest point yet. According to data from CryptoQuant, the realized price of BTC bought in the past 1-3 months is $97,354.
Since Bitcoin is currently trading around $97,000, this means traders have seen a small market loss of less than 1%.
However, Martinez points out that Bitcoin’s best buying opportunities have historically come when traders face a 12% loss.
Based on this pattern, the next local bottom could be around $85,600, making it a prime buying zone for investors.
Despite this, some factors could change Bitcoin’s movement. The growing interest from institutional investors and corporate accumulation through Bitcoin ETFs could prevent a deeper drop.
Bitcoin’s Market Performance
Right now, Bitcoin is trading at $97,020, reflecting a small 0.75% gain in the last 24 hours. Over the past week, BTC dropped by 2.70%, but it remains up by 3.76% for the month.
Market predictions remain mixed. The Fear & Greed Index stands at 44, indicating fear among investors. However, analysts at CoinCodex predict Bitcoin could soon regain momentum.
Their short-term forecast suggests BTC could hit $106,613 in five days and possibly reach $129,434 within a month. Looking further ahead, Bitcoin could rise to $158,992 in three months.
With a market cap of $1.92 trillion, Bitcoin continues to dominate the crypto market with a 60.6% share. Whether it moves toward a new high or sees another correction, investors remain watchful of key price levels.
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