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400 Days After $69k, BTC Bear Market Is Ending, Says Chart Analyst


coinedition.com 24 December 2022 13:47, UTC
Reading time: ~2 m

A well-known crypto expert has set a date for the conclusion of the Bitcoin (BTC) bear market. Rekt Capital posted on Twitter yesterday that Bitcoin historically finds its absolute bottom price approximately 365 days after the peak of the previous bull market.

Given that today is roughly 400 days since BTC hit $69,000, the bulls could be ready any time soon, according to the analyst.

It's been ~400 days since the #BTC Bull Market peak at $69000

Which means that this Bear Market is getting closer and closer to ending

Historically, $BTC Bear Markets find their absolute bottom price approximately 365 days after the previous Bull Market peak#Crypto #Bitcoin

— Rekt Capital (@rektcapital) December 23, 2022

Furthermore, based on a BTC chart, Rekt Capital argued that the coin was still below the $17150 resistance price and that a monthly close below $17150 would likely further confirm the resistance level and send Bitcoin back to $15400 lows.

Last month, a crypto chart analyst published a 10-part Twitter thread explaining why they believe November is the best time to accumulate Bitcoin (BTC) ahead of the next bull cycle.

Putting data together, Kyledoops asserted that buying BTC around a year before a Bitcoin halving event has always provided investors with maximum opportunity. Historically, a Bitcoin halving event occurs once in four years when the reward for mining Bitcoin transactions cuts in half, reducing the rate at which new coins go into circulation.

1/10) A thread on why I (a renowned bear) believe we are approaching maximum opportunity, and how I plan on buying at/near the bottom, all whilst practicing solid risk management. #Bitcoin

Please retweet, and I shall explain my thinking process 🙃 pic.twitter.com/OVgISoDSsd

— Kyledoops (@kyledoops) November 25, 2022

A significant push in the price of Bitcoin always follows after each halving event. Given that the next Bitcoin halving will happen in 2024, approximately 1.5 years away, the chart analyst argued that amassing Bitcoin now at the near bottom provides the ultimate prospect.

Bitcoin currently trades at $16,845, barely gaining a 1% increase in the last seven days. Ethereum (ETH), on the other hand, gained 3.5% over the previous week, trading at $1,218.90.

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