Bitcoin (BTC), the largest cryptocurrency, has been changing hands at around $16,000 for a while. Analysts’ comments draw attention while investors want to see a breakout. In this article, we will convey the BTC comments of two analysts. Here are the details…
The analyst drew attention to the formation that determined the bottom level in Bitcoin
Crypto analyst Benjamin Cowen has studied historical patterns of Bitcoin bear markets to predict when BTC might bottom. Cowen said it would be reasonable to expect a bottom scenario similar to that of 2018. In this scenario, BTC price exhibited some higher lows before capitulating sharply to new lows to reach the bottom. According to the analyst, defending the bottom so far in 2022 has not worked for anyone. That’s why he said, “Don’t spend too much mental energy trying to see the bottom in 2022.”
Based on the historical comparison, Cowen says a potential capitulation event could happen around December 25 of this year, when Bitcoin hits its lowest point before preparing for another bull market. The analyst uses the following statements:
You could see it intersecting somewhere in late December, right around Christmas, where it intersects on December 25, December 26, December 27, the holidays. Frankly, I can’t say for sure if it will play out exactly the same way, but I will say this. This bear market has been going on for over a year, and historically, bear markets for Bitcoin have been around for about a year. It took 14 months in 2014 and about 12 months in 2018, so in that context you could argue that the possibilities are open as to when bottoms typically occur in terms of time.
Jake Wujastyk: This is “inevitable” for Bitcoin
On the other hand, Jake Wujastyk, Vice President of TrendSpider LLC, made various statements for Bitcoin. He believes the 2017-2019 monthly closures are an “inevitable testing ground” for Bitcoin, the largest cryptocurrency. Wujastyk adds that such a scenario is highly likely to happen. As we reported on Kriptokoin.com, Bitcoin closed December 2017 at $ 13,880 after reaching $ 19,666, the peak of the previous bull run.
The largest cryptocurrency entered a brutal bear market shortly after reaching its peak. In 2019, Bitcoin experienced a slight rally. In July 2019, it reached an annual high of $13,880. However, the rally was not sustainable, and the largest cryptocurrency closed that month at $10,760 before falling in the following months.
Earlier this month, Wujastyk stated that Bitcoin is forming a bear flag pattern. Currently, BTC is changing hands at $16,200. The largest crypto has now collapsed more than 76 percent from its record high of $69,044 last November. Last month, prominent trader Peter Brandt said that the probability of Bitcoin falling to zero remains. The collapse of the FTX exchange dealt a major blow to the reputation of the crypto. American businessman Andy Kessler, in his article in the Wall Street Journal, argues that the final price of crypto may be zero.
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