Renowned analyst believes Bitcoin bottomed out and entered a 96-day bull cycle
- Analysts believe that the entire cryptocurrency market is oversold across all major timelines.
- Bitcoin and altcoins may have bottomed out, and recovery could take a relatively long time.
- Experts anticipate rejection of Bitcoin price reversal attempts and retest of lows against the previous 60 hour high.
Analysts have evaluated the Bitcoin price trend and revealed that a rejection of the asset’s reversal attempts could imply that it has bottomed out. Bitcoin may have hit bottom and entered a 96-day bull cycle.
Analysts predict that Bitcoin could enter a new bull cycle
Analysts believe that Bitcoin’s trend could be predicted through time cycles by moving away from price action. The entire cryptocurrency market recently suffered a bloodbath. Experts believe that cryptocurrencies in the top 20 are oversold across all major timeframes.
A V-shaped recovery may be unlikely in the short term. However, traders are awaiting a spot reversal after current market conditions. Analysts at Trading Room, a social learning platform, believe that cryptocurrencies that were trending up before the bloodbath could recover 50-150% on relief rallies.
Oversold Conditions
— Trading Room (@tradingroomapp) January 22, 2022
The entire market is oversold across all major timeframes. That doesn’t mean we will do a V shape recovery
At best we will get 23.6 / 38.2 FIB bounce for some of the major coins and potential 61.8 / 78.6 for trending coins from past few weeks
Thread
@crypto_birb, a crypto analyst and trader, notes that Bitcoin has been stuck inside the $30,000 to $70,000 range for a year. @crypto_birb notes that Bitcoin price witnessed a deviation below its 20-week average. The analyst has predicted smaller bounces and rejection to retest lows.
$BTC has been stuck inside this monster range bound between $30000-$70000 for a year. Since this bull market started, #bitcoin has seen this much deviation below its 20-week average only twice. Is buying 30-40k USD similar to buying 3-4k USD?
— CRYPTO₿IRB (@crypto_birb) January 24, 2022
Full review: https://t.co/l1OAdlqptA pic.twitter.com/VNSM9Z1Fd0
According to historical Bitcoin price cycles, the asset could enter a 96-day bull cycle after hitting bottom. @Inmortal, a crypto analyst and trader, believes that Bitcoin price could recover to $40,000 before it drops lower.
I think we'll see another leg up to 40k this week before go down to take the lows.
— Inmortal (@inmortalcrypto) January 25, 2022
In resume, 40k before 33k, imo.$BTC (LTF) pic.twitter.com/a9BNM4GjG8
FXStreet analysts have predicted that the Bitcoin price trend could form a reversal candle and target $48,000.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
