Bitcoin has lost a weekly 1.52%, and bear pressure is high

A quantitative analyst expects a bottom in around 3 months but says Bitcoin is attractive

Bears have an edge as long as BTC does not recapture $19,000

Bitcoin (BTC/USD) has lost 1.52% in a week as most cryptocurrencies struggle. Despite recovering slightly by 0.25% in the day, the price of the largest cryptocurrency was struggling to retain the $17,000. As of press time, BTC was trading at $16,860. That has raised questions over the potential of Bitcoin to recover to the $19,000 resistance. 

But a renowned crypto analyst thinks Bitcoin is a bargain at the current low valuation. The crypto analyst dubbed PlanB expects Bitcoin to rally at least 5,800%. Consider that Bitcoin is trading at about 4 times less value than its all-time high of over $68,000. Reflecting on the stock-to-flow model, the analyst says the current BTC price is a “steal.”

Typically, the stock-to-flow model assesses assets’ value by comparing their current price to the supply. In his view, if we consider BTC’s original 2019 model or the $55,000 model, BTC’s next halving could catapult prices to $100k-$1 million. He expects the supply to be squeezed in 2024, around the halving event. But how about the short-term price?

PlanB opines that BTC’s bottom could occur in around three months. He says the price of BTC hits the bottom 18 months from the record high.

BTC/USD Chart by TradingView

From the daily chart technical outlook, BTC’s upside is limited. Although the price has kept the $16,000 support intact, bears are exerting pressure as prices recovered above the 20-day MA. 

The RSI is pointing lower and sliding further from the 50-midpoint reading.

The limited upside on BTC price indicates that the bear market is far from over. The $19,000 remains the crucial resistance. If BTC breaks below $16,000, the next level to watch is around $13,000.

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The post Bitcoin slides, but you do not want to miss out on a low price this analyst calls a “steal” appeared first on CoinJournal.

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