Bitcoin's Bottom Hunt: What Top Analyst Aksel Kibar Says Traders Must See Now
Bitcoin experienced a significant dip over the weekend, falling below the $76,000 mark and briefly touching the $75,000 area amidst thin trading and broader market deleveraging. This sharp decline has thrust the digital asset into a critical zone, prompting seasoned analysts to weigh in on whether the bottom is finally in sight.
Navigating the Critical Support Band
Chartered Market Technician Aksel Kibar, founder of Tech Charts LLC, has identified a pivotal horizontal support band for Bitcoin, ranging roughly between $73,700 and $76,500. While Bitcoin's price currently trades within this range, Kibar urges caution, emphasizing that merely reaching a support level is a "location," not an automatic "buy signal." He advises against "catching a falling knife" and instead stresses the importance of observing concrete bullish reversal chart patterns before committing to long positions.
Beyond Price Points: Seeking Definitive Reversal Patterns
Kibar's analytical framework prioritizes classical chart patterns like the double bottom or a Head & Shoulders bottom over swift "V-reversals." He highlights that a confirmed "base building" scenario, specifically a breakout above $91,200, would be the critical completion point for a double-bottom structure and crucial for a bullish interpretation, particularly as Bitcoin trades below its long-term average. His approach is rooted in achieving "higher conviction" rather than making calls driven by the fear of being wrong. Key indicators of emerging demand around support include increased activity and volatility, rejection candlesticks (like dojis with long lower wicks), and clear short-term reversal formations. Drawing from his experience managing large funds, Kibar adds a crucial market structure insight: "If there are no sellers, there will be no buyers." This suggests that large institutional buyers often require substantial selling volume to accumulate positions effectively without adversely impacting prices, implying that periods of heavy selling can paradoxically create opportunities for significant accumulation. At the time of reporting, Bitcoin was trading at $76,713.
