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Bitcoin’s bearish momentum has not abated this year as traders continue to operate cautiously. The investor community is about to hit rock bottom as Bitcoin slips below his $20,000 level again a month later. Historical data suggests there is a specific timeline for how Bitcoin’s bottoms are timed against recent highs. Even at these levels, BTC is still months away from potentially hitting the bottom of the market cycle. It remains to be seen how the upcoming Merge will affect other cryptocurrencies, including BTC.
Underway crypto winter Guessing where Bitcoin will find a bottom has been quite unpredictable. So far, it has been almost 300 days since the last bull market peaked around $68,000.Earlier this month, BTC was bull market environment when approaching $25,000. Meanwhile, the last time Bitcoin (BTC) dipped below $20,000 was in mid-July. As of this writing, BTC is trading at $20,150 in the last 24 hours, up 1.59%. Price Tracker CoinMarketCapOn a weekly basis, the current price range is still 6.63% lower.
Bitcoin’s bearish momentum will last about 365 days after the recent bull market high, according to an analysis of historical data.Bitcoin Bottom Is About Two Months Away According To Their Calculations, According To Crypto Analysts Recto Capital.
Historically, BTC bear markets tend to find absolute bottoms about 365 days after the previous bull market peak. Almost 300 days have passed since the bull market peak. Even so, BTC’s bottom is still at least two months away.”
In the current trading range, BTC investors are said to be making large unrealized losses.of long term bitcoin holders Statistics reveal that you are currently spending your coins at a loss. Market Value to Realized Value (MVRV) also shows the negative sentiment of the trader community.
Anvesh reports major advances in cryptocurrency adoption and price analysis. Having been involved with cryptocurrencies since 2016, he is now a strong proponent of decentralized technology. Follow his Anvesh @AnveshReddyBTC on Twitter, [emailprotected]
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
