A crypto analyst known as Gargoyle has advised market participants not to buy Bitcoin until a surge in trading volume confirms the bottom. The warning comes as the leading cryptocurrency fell below the psychological $80,000 mark and faces risks of further decline.
The analyst noted that in previous cycles, such as 2022/2023, the Bitcoin bottom was marked by a capitulation spike in volume — a panic-driven selloff. Currently, volume remains moderate, suggesting investors are not yet panicking despite the ongoing downtrend.
Gargoyle’s accompanying chart indicates Bitcoin could still drop to around $45,000 before bottoming. He cautioned that the “hardest flush always comes after retail thinks it is over,” implying a final sharp decline may still be ahead.
The outlook highlights uncertainty in the market, with waiting for clearer signals seen as a prudent strategy. Without a volume spike, any recovery could be short-lived, leaving investors exposed to further losses.