Bitcoin needs to reach this price level to escape the second longest bear market

As the FTX-induced carnage in the cryptocurrency industry continues, the price of Bitcoin (BTC) continues its downtrend after losing support at $15,800, prompting crypto experts to try to figure out what it will take for the flagship digital asset to turn the tide .

One of them is crypto technical analyst Matthew Hyland, who sees $20,200 as the price at which Bitcoin could finally break out of the bear market, which he previously noted was “the second longest,” as he explained in one video tweeted on November 22.

Hyland, who has been tweeting about the 3-day supertrend indicator since last January, claimed that:

“It went red almost a year ago now, December 3, 2021, so we’ve almost spent the last year in this red supertrend. It basically covers 90%+ of the bear market. The only place missing is the area in November [2022]so the price for this to go green now comes in at about $20.2k.”

Going forward, he explained that “this is because when Bitcoin makes new lows, it lowers the price for this to turn green, so when we get back above that $20.2k level, this will actually turn green.”

The expert also referred to the 3-day moving average convergence divergence (MACD) indicator, which he said “reversed earlier this week, about a week ago, and the last two times it led to new bear market lows, and it happened again – today we saw new lows in the bear market.”

The second longest bear market

As Hyland reiterated:

“This is the longest bear market Bitcoin has been in since 2014. This is now longer than the bear market of 2018. The bear market of 2018 lasted only one year until today. This has been over a year now.”

Meanwhile, the largest decentralized finance (DeFi) by market capitalization ($302.19 billion) is trading at $15,727 at press time, down 2.27% on the day and 6.30% over the past seven days, according to data retrieved by Finbold on November 22.

It is also worth noting that Bitcoin losing support at $15,800 means that the zone for long now lies between $15,510 and $15,250, as pseudonymous crypto expert Mustache specified while the virgin crypto was still testing this level.

Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.