Despite $33k price bitcoin still hasn’t hit rock bottom according to experts

Bitcoin has had a difficult first month of the year but signs point to the fact worse is yet to come for the blockchain.

Experts are warning that more losses are on the horizon for bitcoin investors, with the cryptocurrency far from hitting rock bottom.

The top-ranked blockchain has had a horror few weeks on the market, with its price hovering between the US$35,000 and $38,000 mark.

And this time last week, BTC briefly plunged below $US33,000 ($A46,000).

That signalled its lowest level since July last year and was a massive fall from grace considering its November all-time high of nearly $US69,000 ($A98,000), representing a drop of more than 50 per cent.

Amid its plummeting worth, experts are expecting worse is on the way for bitcoin, with “no signs BTC has bottomed”.

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Bitcoin's ups and downs over the past week.

US crypto analytics company Material Indicators predicted that bitcoin still had a long way to fall before it was on the up again.

“Zoomed out to a MACRO view of bitcoin as we approach the monthly close,” they wrote on Twitter.

“Trend Precognition shows no signs that BTC has bottomed. Expecting to range as the downtrend continues.”

If bitcoin does dip below US$34,000, and stays below that number, one analytics firm thinks US$27,000 will be its next support level where the price should hopefully hold firm.

“27k looks to be the closest support in case 34k is lost,” blockchain data company Whale Map wrote.

Zoomed out to a MACRO view of #Bitcoin as we approach the monthly close. Trend Precognition shows no signs that #BTC has bottomed. Expecting to range as the downtrend continues. #NFA#crypto#tradingpsychology#tradingsignals#algotradinghttps://t.co/ApNqyXZHOHpic.twitter.com/Jje62sUfyg

— Material Indicators (@MI_Algos) January 31, 2022

#Bitcoin macro levels according to volume profile (the on-chain version)👇

27k looks to be the closest support in case 34k is lost pic.twitter.com/BgLQ2FZaO2

— whalemap (@whale_map) January 27, 2022

Crypto analyst and podcast host Scott Melker believes that $39,600 needs to be reclaimed in order for bitcoin to claw its way back to previous price levels.

“Have not had consecutive green weeks in months,” he lamented.

He said he wouldn’t be bullish until BTC surpassed the all-important 39,600 price point.

$BTC Weekly

Pretty hammer candle (or high wave spinning top, choose).

Strong volume, long wick into demand.

Not really bullish until >$39,600.

Have not had consecutive green wks in months, need confirmation. 2 weeks ago was a "bullish candle" as well, didn't work out. pic.twitter.com/HlI8XI6RO2

— The Wolf Of All Streets (@scottmelker) January 31, 2022

CoinTelegraph warned the “already battered sentiment” towards bitcoin could take another hit later this month due to looming US regulations.

US president Joe Biden’s administration is rumoured to soon draw up an executive order outlining the regulations the government will enforce regarding digital assets.

According to reports, the government would study cryptocurrency, stablecoins and nonfungible tokens so that they could come up with a regulatory framework.

Apparently this has been pushed forward to February.