In the last 24 hours, the market#cryptocurrency experienced a significant downturn, akin to a bloodbath. Bitcoin in particular has been pushed back into the $50K range, a level not seen since two months ago before its March all-time high of $73,750.

Bitcoin hit an intraday low of $56,555, marking a sharp 9% drop from its previous range of around $60K. This downward movement has also hit the altcoin market heavily, with assets such as #Dogecoin (DOGE) and#Toncoin (TON) saw double-digit losses.

This extended downtrend in the Bitcoin market has persisted for almost 5 weeks, resulting in a staggering 22.35% drop from its all-time high value. However, prominent analysts in the crypto space believe that Bitcoin price may not experience significant drops anymore.

Analysts Suggest Bitcoin Has Bottomed

- Rekt Capital, in an updated analysis of Bitcoin, highlighted that the drop to $56K represents the most significant drop witnessed this cycle. Their chart indicates that after similar 20% declines in the past, there has been a trend of sustained recovery to higher prices.

- Famous analyst Michaël van de Poppe also has a similar opinion, suggesting that Bitcoin has reached the final stage of price consolidation. While acknowledging the possibility of a further pullback, he emphasized that the $56K to $58K range will be important to watch. Additionally, he suggested that the altcoin market could recover sooner than the Bitcoin market.

- Sergio Tesla, a cryptocurrency statistician, shares the same optimistic view as Van de Poppe and Rekt Capital. He correctly predicted Bitcoin's drop to $56k during the rally to all-time high in March. Sergio sees $56k as Bitcoin's bottom before expecting a recovery quickly back into the $80K range.

- As of now, Bitcoin is trading at $57,495, showing a modest increase of around $1,000 after the recent sharp decline.