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 targets lower wicks, which can then lead to a proper 
bottoming process ahead of the next bull cycle. LP stated that when that 
breakdown eventually happens, market participants need to watch the price 
action closely. He remarked that a true bottom is likely forming when price 
starts repeatedly sweeping the lows, making it psychologically difficult to 
enter longs. It is worth noting that Bitcoin has been on a recovery since the 
February 6 lows and has yet to form a new low. Bitcoin’s recovery has come 
amid the U.S.-Iran war, with the leading crypto holding strong above key 
support levels despite escalating tensions. BTC is now looking to reclaim the 
psychological $70,000 level amid reports that the U.S. and Iran are working on 
a 45-day ceasefire to end the war. A Decline To $63,000 Still On The Cards In 
another X post, LP stated that it is only a matter of time before the $63,000 
level gets swept. He noted that price remains range-bound and that both sides 
will continue to get chopped, but that the target remains clear. As such, the 
analyst advised that the best approach is to enter at the extremes of the 
range. “Even with a bearish HTF bias, 63–62K stands out as a solid area for 
hedge longs against the short from 73K,” he added. Related Reading: Bitcoin 
Price To $80,000: How The February Bullish Trend Can Push It 20% Higher 
Commenting on the lower time frame, LP noted that high-leverage short clusters 
have been cleared, while larger clusters remain overhead, extending to the 
$75,000 level. Meanwhile, to the downside, he stated that long liquidation 
clusters are building around $66,000, adding liquidity below. Overall, the 
analyst revealed that liquidity remains more concentrated to the upside, but 
that as long as the price remains range-bound, both sides are likely to be 
cleared. At the time of writing, the Bitcoin price is trading at around 
$69,100, up over 3% in the last 24 hours, according to data from 
CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com

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

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G Coin

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