Analyst that called Bitcoin's drop to $3,000 in 2018 says the "bottom could be in"

On Nov 25., the price of Bitcoin fell off a proverbial cliff, tanking from $7,000 to $6,500 in a move that shocked traders the industry over.

One such analyst touting this sentiment is FilbFilb, a pseudonymous cryptocurrency trader that called the mean reversion move to the low-$3,000s in September of 2018, which was when BTC was flatlining in the low-$6,000s, a trend that analysts argued was bullish at the time.

Firstly, the analyst looked to the fact that Bitcoin bounced off the "Miner's bottom," the price at which the average cryptocurrency breaks even when mining BTC. This is notable as the crypto market bottomed when Bitcoin interacted with the miner's bottom in December 2018.

That's not to mention that the price chart printed an area of so-called bullish divergences at the $6,500 level.

A "Bullish cross" is about to be formed by the 50-week and 100-week simple moving averages, while volume and price have declined in tandem, "Hinting at bullish reversal."

It isn't only FilbFilb that has observed signs that Bitcoin is in the midst of bottoming on a macro scale.

"On-chain momentum is crossing into bullish [territory] The bottom is most likely in, any [move] lower will be just a wick in the macro view."

In it, he depicts that Bitcoin's long-term $6,300 Point of Control - a price at which an asset saw the most trading activity-was front-run by investors during the drop to $6,500.

While there is no guarantee that cryptocurrency bears will push the cryptocurrency to actually test the POC in and around $6,300, which is now 15 percent lower than Bitcoin's current price, a similar pattern of "Front running" the POC was seen during the $3,100 bottom of December 2018.

Thus, if historical price action is of any current relevance, Bitcoin is likely to continue rebounding from here.