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

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
— Trading Room (@tradingroomapp) January 22, 2022

@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?

Full review: https://t.co/l1OAdlqptA pic.twitter.com/VNSM9Z1Fd0
— CRYPTO₿IRB (@crypto_birb) January 24, 2022

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.

In resume, 40k before 33k, imo.$BTC (LTF) pic.twitter.com/a9BNM4GjG8
— Inmortal (@inmortalcrypto) January 25, 2022

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

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