Bitcoin's Bear Market Low May Be Weeks Away: Analyst Warns of Unfilled Fair Value Gap
A pseudonymous crypto analyst known as NoName is warning that despite Bitcoin's recent recovery, the asset may still be weeks away from its bear market low. According to the analyst, an unfilled fair value gap (FVG) above the current price could be completed before a final drop toward the $39,000 to $49,000 range.
NoName believes that many traders have stopped expecting lower prices because Bitcoin has started to recover, drawing comparisons with the periods leading up to the final declines in 2018. The analyst notes that market sentiment has changed from 'pure euphoria' at the peak to 'pure despair' today.
The FVG is a price zone that gets skipped over during a fast move, which price often comes back to fill before continuing in the same direction. NoName expects Bitcoin to first enter and fill the gap before falling immediately, or within one to three days, into what they described as a multi-week search for a bottom.
Some traders like KillaXBT have argued that many investors are becoming overly focused on waiting for Bitcoin to revisit $50,000 or even $40,000. He suggested that accumulating earlier, instead of chasing the exact bottom, has been the better strategy historically.