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Crypto Analyst Predicts 6 To 8 Months Of Downside For Bitcoin: Brace For $11K Bottom

Stock Markets May 22, 2022 22:40
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© Reuters. Crypto Analyst Predicts 6 To 8 Months Of Downside For Bitcoin: Brace For $11K Bottom

As the price of Bitcoin (CRYPTO: BTC) continues to hover near the $30,000 mark, a popular crypto analyst says there may still be a lot more downside for the apex cryptocurrency.

What Happened: The analyst whose known as “Rager” told his over 207,000 followers that looking at Bitcoin's price history, the bottom may still be months away. “After 190 days from the all-time high, Bitcoin still had another 150 to 200 days until it hit bottom last couple of cycles,” he tweeted.

Basing the cycle bottom on previous timelines, he said there “could be another six to eight months” of lower prices.

Rager pointed out that investors should focus on the 200-week moving average (MA), which acted as a key support level during the 2014 and 2018 Bitcoin bear markets. He said if BTC bounces off that level again, that would be a "good thing."

Also Read: 10,000 Bitcoin For 2 Large Pizzas: What You Should Know About 'Bitcoin Pizza Day'

How Low BTC Can Go: The crypto analyst reminded investors that previous Bitcoin bear markets saw pullbacks of about 84% from the highs, and based on the latest all-time high, that “would be near $11,000 for BTC.”

Rager polled his followers, asking if they believed BTC has entered a bear market, almost 80% said yes.

Crypto Analyst Predicts 6 To 8 Months Of Downside For Bitcoin: Brace For $11K Bottom
 

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