"The bottom has not yet appeared in Bitcoin," the analyst said, predicting at what level the actual bottom point is!

The Bitcoin (BTC) has faced increasing criticism as investors look for signs that the market has bottomed out.

While some suggest that the worst may already be behind us, on-chain analyst James Check argues that a real capitulation event may still be ahead, with the price dropping to $65,000.

Sharing his views on the TFTC podcast, Check described the $65,000 level as the "true market average" and said that it represents the average cost basis for active investors in the space. He believes that a decline to this level could trigger significant pressure on the market, and investors, especially those who have held Bitcoin for years, will feel the pain of unrealized losses.

This expected price drop is closely aligned with the strategy of prominent bitcoin advocate Michael Saylor, whose cost base hovers around $67,500. Saylor's investment philosophy emphasizes long-term holding, so if the market moves into this zone, it could potentially create more volatility.

Looking beyond the $65,000 zone, Check also noted a strong support range around $49,000-$50,000. This region corresponds to the (ETF) launch of Bitcoin exchange-traded funds in 2024 and marks a market cap of $1 trillion for BTC. Unless there is a global recession, a drop to $40,000 is unlikely, Check said.

In addition, Check highlighted the "chopsolidation" period in 2024, when Bitcoin traded in a wide range between $50,000 and $70,000 for an extended period of time. According to him, this consolidation phase could create a strong support base for cryptocurrencies to move forward.

While Check expects declines from the $65,000 level, he is confident that the market has important support levels to prevent serious price crashes unless larger economic factors intervene.