While traders continue to be cautious, Bitcoin bearish momentum has yet to slow down this year. Bitcoin fell below $20,000 again a month later. Therefore, investors are wondering whether the bottom level is coming or not. Many people want to buy at lows. In this article, we will convey the thoughts of analyst Rekt Capital on Bitcoin. Here are the details…
Has Bitcoin bottomed out?
Historical data shows that there is a specific timeline of timing the Bitcoin bottom to an all-time high. Even at these levels, BTC is a few months away from potentially hitting the bottom of the market cycle. Time will tell how the upcoming Merge will affect other cryptocurrencies, including BTC. The ongoing crypto winter has been pretty unpredictable to predict where Bitcoin will find its bottom.
So far, almost 300 days have passed since the last bull market peak around $68,000. Earlier this month, a bull market environment raised hopes as BTC neared the $25,000 mark. Meanwhile, the last time Bitcoin (BTC) traded below $20,000 was mid-July. Currently, BTC is trading at $20,150, up 1.59% in the last 24 hours. On a weekly basis, the current price range is still 6.63 percent lower.
Two months to the bottom of BTC
According to the analysis of historical data, Bitcoin bearish momentum will continue for about 365 days from the peak of the last bull market. According to this calculation, the Bitcoin base is about two months away, according to crypto analyst Rekt Capital. Rekt Capital used the following statements:
Historically, BTC bear markets tend to find absolute bottom prices about 365 days after the previous bull market peak. Almost 300 days have passed since the peak of the bull market. So if history repeats itself, the BTC bottom is still at least two months away.
https://twitter.com/rektcapital/status/156498833260587457
Long-term investors are currently at a loss
In the current trading range, BTC investors are said to be operating at significant unrealized losses. According to statistics, long-term Bitcoin holders are currently spending their money at a loss. Also, value-to-market (MVRV) indicates a negative sentiment in the trader community. Meanwhile, US stocks continued their downward trend since last Friday, when the Fed said its aggressive strategy of raising interest rates would continue until inflation hits a target rate of roughly 2 percent.
The Dow Jones Industrial Average and the S&P 500 Index closed nearly 0.8% on Wednesday, while the Nasdaq Composite Index ended the day down 0.6%. As we reported as Kriptokoin.com, BTC was also affected by such factors and recorded a decline.
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