Amid a persistent downward trend in cryptocurrency markets, analysts remain optimistic about Bitcoin's long-term prospects. Crypto analyst David Eng asserts that despite Bitcoin (BTC) being in a bear market, its long-term cyclical structure remains robust. Eng's analysis centers on two key indicators: the 400-day moving average and the four-year market cycle. Using these, he estimates Bitcoin's fair value at approximately $76,400. Currently, BTC is trading about 20% below this level, suggesting it is undervalued.
Eng emphasizes that this gap does not signal a breakdown in Bitcoin's fundamental value. Instead, it indicates a temporary dip below the long-term adoption trend line. He draws parallels to past cycles where Bitcoin exhibited similar movements and eventually reverted to the trend line. Meanwhile, another analyst known as Rekt Capital notes that the current bear market is roughly 71% complete, though the downturn may persist for a few more months. Overall, experts' outlooks point to intact long-term cycle expectations, with investors closely watching market dynamics.
