• 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. 

@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. 

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. 

FXStreet analysts have predicted that the Bitcoin price trend could form a reversal candle and target $48,000. 

 

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