Oh, darling, grab your crypto clutch and brace yourself-because according to crypto analyst LP, Bitcoin hasn’t hit rock bottom yet. Yes, you heard that right. Despite the price flirting with the idea of forming a strong support (hello, $70k, we see you), LP is here to remind us that we’re still in the “not-quite-there-yet” phase. And just when you thought the U.S.-Iran ceasefire talks would bring some stability, Bitcoin’s like, “Hold my blockchain, I’m not done rollercoastering yet.”
Bitcoin’s Bottom: The Elusive Unicorn of Crypto
In a recent X post (because where else would this drama unfold?), LP spilled the tea: Bitcoin hasn’t shown a true bottoming formation. Apparently, we need multiple sweeps of the lows and a bit of market capitulation before we can even think about a reversal. Past bear cycles? Oh, they were so last season. This time, Bitcoin’s been sweeping highs like it’s on a shopping spree, making short positions as appealing as a soggy croissant. Meanwhile, the lows are just sitting there, exposed and lonely, waiting for liquidity to build up like a party no one’s RSVP’d to.
But fear not, crypto enthusiasts! LP assures us it’s only a matter of time before Bitcoin targets those lower wicks and finally starts the bottoming process. Because, you know, nothing says “bull cycle prep” like a good old-fashioned breakdown. When that happens, LP says, we’ll need to watch the price action like it’s the season finale of our favorite reality show. A true bottom? That’s when the price starts sweeping lows so hard, entering longs feels like trying to hug a cactus.
Bitcoin’s been on a recovery since its February 6 lows, but let’s be real-it’s still got more drama than a Bridget Jones diary. Even the U.S.-Iran war couldn’t shake it off its key support levels, and now it’s eyeing that $70k mark like it’s the last pair of Manolo Blahniks at a sample sale. Ceasefire talks? Great for world peace, but Bitcoin’s like, “I’ll take my cues from the charts, thanks.”
$63k: The Crypto Cliffhanger We Didn’t Ask For
In another X post (yes, LP’s been busy), our analyst predicts it’s only a matter of time before Bitcoin sweeps the $63k level. Price is range-bound, and both bulls and bears are getting chopped like last season’s trends. LP’s advice? Enter at the extremes of the range, because why not add a little thrill to your portfolio? “Even with a bearish bias, 63-62k is a solid spot for hedge longs,” he quips, because nothing says “I’m prepared” like hedging against a short from 73k.
On the lower time frame, high-leverage short clusters have been cleared, but larger clusters are lurking overhead like uninvited guests at a dinner party. Meanwhile, long liquidation clusters are building around $66k, adding liquidity below. LP’s takeaway? Liquidity’s more concentrated on the upside, but as long as we’re range-bound, both sides are in for a wild ride.
At the time of writing, Bitcoin’s trading at around $69,100, up over 3% in the last 24 hours. So, is it time to panic or pop the champagne? Only Bitcoin knows-and it’s not telling.
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2026-04-06 16:34