BlockBeats reported on July 31 that trader Killa said Bitcoin is unlikely to deliver the kind of deep capitulation wick many in the market have been waiting for, or extend lower into the $36,000 to $48,000 range. Killa argued that across past bear-market cycles, Bitcoin has usually formed three major lows, with the final two carrying the most weight. He said Bitcoin had already swept the $59,000 level, showed a mild bullish divergence, and then failed to break materially lower with strong follow-through. In his view, if the market were truly setting up for another leg down toward the $40,000 area, that move should already have taken place. Killa described the current zone as a clear accumulation range and said $57,000 serves as a key reference point for the broader bottom structure. He added that price could still briefly slip below that level, but he does not expect a sustained move into the extreme downside levels widely anticipated by the market. He also said historical price action supports that reading and that the significance of Bitcoin’s sweep of an important low may be underappreciated.
According to BlockBeats on July 31, trader Killa said Bitcoin is unlikely at this stage to produce the deep capitulation-style wick that much of the market has been waiting for, or to continue falling into the $36,000 to $48,000 range.
Killa said that in past bear-market cycles, Bitcoin has typically formed three major lows, with the last two carrying the most importance. He noted that Bitcoin had already swept the $59,000 level and printed a mild bullish divergence, but then failed to continue breaking lower with clear momentum.
He argued that if the market were truly preparing for another drop toward the $40,000 area, that move should have already happened. In his view, Bitcoin is now clearly in an accumulation zone, with $57,000 serving as an important benchmark for the broader bottom. Price may still dip below that level briefly, he said, but he does not expect a sustained move down toward the extreme lows that many market participants have been anticipating.
Killa added that historical price action supports this view. He said Bitcoin has already swept an important low in the same way it has in prior cycles, and that the market may be underestimating the importance of that signal.
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