Crypto analyst Gargoyle has advised market participants not to buy Bitcoin 
until it sees high volume, which could mark the bottom. This comes amid BTC’s 
recent drop below the psychological $80,000 level, with the leading crypto at 
risk of another decline. Analyst Advises Against Buying Bitcoin Until Bottom 
Is Confirmed In an X post, Gargoyle advised against buying Bitcoin until the 
bottom is confirmed. He indicated that the BTC bottom forms when there is 
massive volume and that this massive volume hasn’t happened yet. The analyst 
alluded to the 2022/2023 cycle, when the capitulation spike marked the bottom 
for BTC. Related Reading: Bitcoin Short-Term Holder Basis Remains High Within 
Biggest Supply Cluster However, at the moment, this capitulation spike hasn’t 
occurred with Bitcoin’s volume still moderate, suggesting that market 
participants aren’t truly panicking yet despite the downtrend. Gargoyle 
further noted that the hardest flush always comes after retail thinks it is 
over for BTC, which then leads to a spike in volume as investors capitulate. 
The analyst’s accompanying chart showed that Bitcoin could still drop to 
around $45,000 before it bottoms, while this could happen between now and the 
start of next year. Once that happens, BTC could then see a reversal as it 
targets a new all-time high (ATH). Notably, BTC had rallied over the past week 
to as high as $83,000, providing optimism that the bear market may be over. 
However, Bitcoin has since dropped below $80,000, raising concerns that the 
bear market may still be in force, as some analysts, such as Doctor Profit, 
had warned. The analyst had also mentioned before that BTC will likely bottom 
between September and October later this year based on its historical cycle 
patterns. BTC Bound To Decline If Stock Market Crashes Crypto analyst Colin 
warned that the current stock market pump is the only thing keeping Bitcoin 
afloat. He further noted that, in the short term, the S&amp;P 500 appears bullish 
following the recent megaphone breakout. However, in the longer term, the 
economic backdrop doesn’t look good for these stocks and, by extension, for 
BTC. Related Reading: Analyst Says Avoid Bitcoin At All Costs; Here’s What To 
Do Instead As 50% Crash Looms Colin alluded to the CPI and PPI, which are both 
running hot, with inflation rising due to the U.S.-Iran war. The analyst 
stated that this is not a favorable environment for a Bitcoin “super cycle,” 
as some bulls are claiming. It is worth noting that the market is also 
beginning to price in a rate hike this year, which is bearish for the leading 
crypto. As such, with the macro environment not looking good, Colin suggested 
that BTC will crash if the stock market sees any significant drop in the 
future. At the time of writing, the Bitcoin price is trading at around 
$79,000, down over 2% in the last 24 hours, according to data from 
CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com

Analyst Says Don’t Buy Bitcoin Until This Happens

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Analyst Says Don’t Buy Bitcoin Until This Happens

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