Crypto Analyst Projects Bitcoin Bottom Based On Previous Cycles
A popular Crypto analyst, Rager, is looking into Bitcoin’s previous bear markets in order to get a better understanding to when BTC’s current downtrend could come to an end.
The analyst tweeted to his 207.6K followers that based on how long Bitcoin’s bear cycles back in 2014 and 2018 lasted, it might take quite some time before BTC hits a bottom.
“The more you look at prior BTC price history, the more one can think it’s not the bottom. After 190 days from the all-time high, Bitcoin still had another 150 to 200 days until it hit bottom last couple of cycles (red box). If time is any indicator, could be another six to eight months.”
The more you look at prior $BTC price history the more one can think it's not the bottom
After 190 days from the all-time high, Bitcoin still had another 150 to 200 days until it hit bottom last couple of cycles (red box)
Looking into Bitcoin’s price, the analyst notes that he’s closely following the 200-week moving average (MA), which has quite accurately caught the price bottoms during the 2014 and 2018 bear markets.
“If Bitcoin price does drop and bounce at the 200-week MA like previous bear markets – consider that a good thing.
It would only be a drop of -68% from the highs. Previous bear markets had -84%+ pullbacks.
-84% pullback in this bear market would be near $11,000 for BTC.”
