Opinion: Bitcoin hit a low of $55,000 in this cycle, and the " $35,000 Bottom Theory" is nonsense

BlockBeats News, December 2, Cryptocurrency analyst @Sykodelic_ shared the view that some believe Bitcoin will drop to $35,000, which is completely nonsense. First of all, for Bitcoin to retrace 75%, it would need to have fully expanded, which it hasn't done in this cycle.

The current overall market is similar to 2019, not like 2018 and 2021. Around the end of the 2019 QT, Bitcoin retraced to the Bollinger Band midline and found support. Therefore, in the worst-case scenario, if this is a severe bear market wave... if Bitcoin's closing price falls below the monthly midline, then the expected maximum bottom could reach $55,000.