Analysis: The forecast predicts that the bottom for Bitcoin will not be lower than $55,000

According to Cointelegraph, cryptocurrency analysts using Bollinger Bands and RSI technical indicators believe that the current Bitcoin bear market bottom will not drop below $55,000, contrary to some predictions of $35,000.

Analyst "Sykodelic" stated that Bitcoin has not fully expanded in the current cycle, so a 75% retracement is unlikely. Historical data shows that Bitcoin's price has never fallen below the lower Bollinger Bands in a monthly timeframe. CoinEx exchange's chief analyst Jeff Ko is even more optimistic, suggesting that Bitcoin may only retrace to the $65,000-$68,000 range, pointing out that increased participation from institutional investors will make future price adjustments more gradual and orderly. Currently, Bitcoin's price has rebounded from a low of $84,000 on Monday to around $87,000.