If History Repeats, Crypto Market Will Hit Bottom By End Of 2022
Following the latest crypto market crisis in May and June, activity on the market decreased as traders in several nations lost interest. As the biggest cryptocurrency continues to encounter barriers to advance, the worldwide market for digital assets is still being clawed by the bear. The conclusion of the bear market, according to experts, can be predicted by monitoring the 2014 and 2018 cycles.
Nearly the last week, Bitcoin’s value has decreased by over 10%. According to data, this BTC drop has continued for 286 days in a row. In the midst of the cryptocurrency bear market, bitcoin prices have fallen by around 70% from their peak.
What’s next for BTC Price?
The analysis emphasizes that there were some signals of recovery in the Bitcoin price. BTC failed to surpass the $25K price mark last week. At the $22.5K support level, it too failed to maintain its strong advance. Bitcoin’s price fell below the $20.7K mark.
The $20.7K support level has been tested three more times since July 18th, it was added. At the time of the 2017 ATH, Bitcoin was trading in the $19K to $20K range.
Data shows that the bottom of the cryptocurrency bear market happened 12–13 months after it started, based on comparisons with cycles in 2014 and 2018. The market then fell by about 84%. An expert said that if history is any indication, the bottom may have been reached by the end of 2022.
But this time, the market is operating a little differently. It made clear that the double top in April and November of last year was unprecedented. In contrast, the 2018 bear market experienced prolonged periods of compressed volatility.
It continued for 140 days, during which time BTC’s price fluctuated between $6-7K. A similar trend, according to the expert, is present in the market now. The price of bitcoin has been fluctuating within a $20K price range for around 70 days.Source