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.
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.”
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.
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