Crypto Analyst Inmortal Calls Bitcoin Bottom Between $25-30K
According to a prominent crypto market analyst, known as Inmortal, lays out a bottom price and realistic timetable for Bitcoin (BTC) recovery as the market continues flashing red.
The analyst shared with tells his 155.9K followers on Twitter that after BTC’s latest 25% hit over the past 7 days, he projects Bitcoin to hold support between $25,000 and $30,000, before bouncing up again.
However, Inmortal urges traders to be patient, and shares a chart showing that Bitcoin is likely just halfway through the current market cycle, assuming that we have entered the historically similar bear market cycle.
“In the previous cycles, it took about 400 days to find the bottom.
In the current cycle, 178 days have passed since the top.
So, if this cycle is similar, we are halfway.”
In the previous cycles, it took about 400 days to find the bottom.
In the current cycle, 178 days have passed since the top.
The market analyst also compares Bitcoin’s 2022 price to what it was in the spring and early summer of 2021, after which BTC rallied to an all-time high of $69,000 in November. According to Inmortal, the current downward chart looks very similar to that of 2021.
