A host of analysts have previously forecast what will happen should BTC price fall below $56,000, and now that this threshold has been breached, these same experts have weighed in with predictions on where the price will go from here.
While some have stated that a new bull run is just around the corner, it's worth noting that there is no discernable reason why this would happen – nor indeed any indication of preparation for such a move.
One analyst who goes by trading name Crypto Thies told CoinTelegraph: "I think we can easily see another bull run if we even get close to the 5k zone again. The great thing about human emotion is that it doesn't matter that much what happens."
However, it should be noted that BTC price has not yet reached the lows suggested by analysts for this bear market, according to an analysis piece by Simon Peters on Aug. 08.
BTC's price already tested its yearly low at $5136.67, as seen on Aug. 01, and although this is a significant number, many believe that BTC will have to go even lower before a bullish trend can be seen. For now, though, the price has been struggling below the yearly low so far.
One of the most popular reasons why BTC price has not reached its lowest point for 2018 is a phenomenon called 'lower highs and 'higher lows.' If these oscillations continue as they have been so far, there may well be a possibility that the market will break even lower before any signs of recovery.
In response to this analysis, the host of The Crypto Thies podcast continued: "I really wouldn't worry about that. I believe we might not even go below 5k again, and if we do, it won't be for a long time. We spent almost three years between 2k and 4k, and I see no reason why we shouldn't spend some time in the low 5ks again if we go there."
While this opinion is popular among crypto enthusiasts, it would seem that predicting a bull run based around BTC price crossing $56K may be premature.