Crypto bear market is nearing end, with $60K as key bitcoin (BTC) floor, Compass Point analysts say
The crypto market may be closing in on the bottom of its current downturn, but analysts at Compass Point say it will take a broader risk-off event to push bitcoin significantly lower.
“While near-term risk remains skewed to the downside, we believe we’re approaching the final innings of the crypto bear market,” analysts Ed Engel and Michael Donovan wrote in a report Monday. “Further downside would likely require a U.S. equity bear market.”
Their base case calls for bitcoin to bottom between $60,000 and $68,000, a zone where long-term holders have shown buying conviction in past cycles. “We see very strong support within this range and our base case assumes BTC bottoms near ~$65k,” they wrote. “Of BTC owned by…
