Analyst Says Don’t Buy Bitcoin Until This Happens

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. 

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. 

Source: Chart from Gargoyle on X

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.