Where is the bottom? Bitcoin analysts believe it should be $22.4K, but $11K is also a possibility.
The first port of call for a significant drawdown is the 200-week simple moving average , traders and analysts agree.
The 200 SMA has never broken its own uptrend, and the hope is that reaching it will allow bulls a period of respite."People are looking to buy there, it's going to bounce more than likely at that area," Josh RagerWhile describing the bounce at the 200 SMA as a"self-fulfilling prophecy," thanks to the scope of interest in it, he warned that there was a guarantee that BTC/USD would not continue south this time around.
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