How Many More Months Before The End Of Bitcoin Bearish Momentum?
Bitcoin bearish momentum has yet to abate this year, as traders continue to operate cautiously. With Bitcoin going below $20,000 again after a month’s time, the investor community is looking to time the bottom. Historical data suggests that there is a specific timeline for the way the Bitcoin bottom is timed relative to the recent high. Even at these levels, BTC is still a few months away from potentially realizing the bottom of the market cycle. It remains to be seen how the upcoming merger will affect other cryptocurrencies, including BTC.
How Long Will Bitcoin Be Bearish?
The ongoing crypto winter was quite unpredictable to guess where Bitcoin would bottom out. So far, almost 300 days have passed since the last bull market peak around $68,000. Earlier this month, BTC raised hopes of a bull market environment as it neared the $25,000 mark. Meanwhile, the last time Bitcoin (BTC) traded below the $20,000 mark was in mid-July. At the time 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, today’s price range is still 6.63% lower.
According to analysis of historical data, Bitcoin bearish momentum will continue until around 365 days from the last bull market high. Based on that calculation, the Bitcoin bottom is about two months away, according to cryptoanalyst Direct Capital.
“Historically, BTC bear markets tend to find their absolute bottom about 365 days after the previous bull market peak. It’s been almost 300 days since the bull market peak. So if history repeats itself, BTC bottom is still at least two months away. “
Long-term investors currently in losses
In the current trading range, BTC investors are said to be operating at significant unrealized losses. The long-term Bitcoin holders are currently spending their coins at a loss, statistics revealed. The market value to realized value (MVRV) also points to a negative sentiment in the trading environment.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.
