How Many More Months Before End Of Bitcoin Bearish Momentum?
Bitcoin bearish momentum is yet to slowdown this year, as traders continue to operate cautiously. With Bitcoin going below the $20,000 yet again after a month’s time, the investor community is looking to time the bottom. Historical data suggests that there is a specific timeline to the way Bitcoin bottom is timed with respect to the recent all time high. Even by those levels, BTC is still a few months away from potentially realizing the market cycle bottom. It remains to be seen how the upcoming Merge would pan out to influence other cryptocurrencies including BTC.
How Long Will Bitcoin Be Bearish?
The ongoing crypto winter was quite unpredictable to guess where the Bitcoin would find its bottom. So far, it has been almost 300 days since the last bull market peak around the $68,000 mark. Earlier this month, BTC raised hopes of a bull market environment when it neared the $25,000 mark. Meanwhile, the last time Bitcoin (BTC) traded below the $20,000 mark was in the mid of July. As of writing, BTC is trading at $20,150, up 1.59% in the last 24 hours, according to price tracker CoinMarketCap. On a weekly basis, the current price range is still 6.63% lower.
According to analysis of historical data, the Bitcoin bearish momentum would continue until around 365 days from the recent bull market high. Going by that calculation, the Bitcoin bottom is around two months away, as per crypto analyst Rekt Capital.
“Historically, BTC bear markets tend to find their absolute bottom price approximately 365 days after the previous bull market peak. It has been almost 300 days since the bull market peak. So if history repeats, the BTC bottom is still at least two months away.”
Long Term Investors Currently In Losses
At the current trading range, BTC investors are said to be operating in significant unrealized losses. The long term Bitcoin holders are currently spending their coins at losses, statistics revealed. Also, the market value to realized value (MVRV) points to a negative sentiment in the trader community.
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
