Analyst Says Bitcoin Hasn’t Seen A True Bottoming Formation Yet, What This Means For Price

Crypto analyst LP has declared that Bitcoin hasn’t seen a true bottoming formation yet, despite the price looking to form strong support at current levels. This comes as BTC looks to reclaim the psychological $70,000 amid talks of a ceasefire between the U.S. and Iran. Bitcoin Is Still At Risk As The Price Is Yet To Form A Bottom In an X post, LP stated that Bitcoin hasn’t shown a true bottoming formation and suggested that the leading crypto isn’t yet close to a bottom. He alluded to previous bear cycles, noting that bottoms were formed after multiple sweeps of the lows, which forced capitulation before BTC made a reversal. Related Reading: Bitcoin Price Breakdown To $45,000: The Levels To Watch Out For Next Steps However, the analyst noted that this time has been different, with Bitcoin consistently sweeping the highs, making it difficult to enter short positions while leaving the lows exposed and building liquidity below. He declared that it is likely a matter of time before price t