Cryptanalyst Says When BTC Reaches Bottom

Cryptanalyst with the nickname Rager pays attention to the analysis of past bearish BTC markets and predicted when the current downward trend will end

In his opinion, given the duration of the bearish cycles of BTC in 2014 and 2018, the asset has a long way to go before reaching the bottom:

“Looking closely at the exchange rate history of bitcoin, you begin to understand that now it is far from the bottom. According to the data of the past two cycles, after 190 days from the historical maximum, BTC still had 150 to 200 days left before reaching the bottom. If history tends to repeat itself, then it is worth waiting another 6-8 months. “

The analyst is watching the 200-week moving average that kept BTC afloat during the downtrends of 2014 and 2018:

“If the BTC rate is declining and bouncing off the 200-week moving average, as in past bearish cycles, then this is a good sign. There will be a decrease of only 68% from the maximum, although in the past it reached 84%. If we take the current realities, then a rollback of 84% will lead to a rate of $ 11,000. “

Rager believes that in the short term, bitcoin will depend on the strength or weakness of the US stock market:

“Do not look at the chart of bitcoin, it is better to observe the SPX chart (the chart of the S&P 500 index). Right now, BTC has limited upside potential, but it won’t get stronger until the stock markets turn around.”