Three reasons to accumulate Bitcoin at the 2022 cycle bottom

Bitcoin analysts believe that the bottom is in and the asset is ready to break out of its downtrend. Based on the Bitcoin price trend in previous cycles, the asset is currently at its bottom. 

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Bitcoin price hit bottom; analysts predict recovery

Benjamin Cowen, a leading crypto analyst, closely evaluated the Bitcoin price chart and observed that BTC had hit its cycle bottom. In a recent interview, Cowen pulled out a key metric, Bitcoin’s supply in the profit and loss chart. 

The analyst was quoted as saying,

Some of the charts that I think are the most interesting are things like the supply in profit and loss. One of the interesting things about this chart is that historically, Bitcoin does not bottom until after they cross. Until after they cross.

For the first time in the current Bitcoin cycle, the supply in profit and the supply in loss crossed. This indicates that the Bitcoin bottom is in. The Bitcoin bottom typically occurs after the cross, therefore there is evidence that the current price level is a significant bottom for BTC. 

Bitcoin percentage of supply in profit and loss

Analysts identified another key indicator, Market Mastery Divergence. When the line in the indicator turns red, it reveals a buying opportunity for traders. El Crypto Prof, a pseudonymous crypto analyst, considers this the best buying opportunity for traders. 

While Bitcoin trades close to its bottom in the current cycle at the $21,641 level, it is an opportunity for traders to accumulate the asset for profit in the long term. Therefore, this is likely the Bitcoin bottom traders have awaited in the current cycle. The Bitcoin bottom is key to traders since accumulating at this level ensures a profitable yield for the rest of the cycle.