Here’s When Bitcoin (BTC) Historically Bottomed, According to Top Crypto Analyst
A widely followed crypto analyst says he has identified when Bitcoin (BTC) tends to bottom out during bear markets.
The pseudonymous trader Rekt Capital says his 328,000 Twitter followers that BTC is rapidly approaching a bottom, which historically tends to form about a year after its previous bull market peak.
“Historically, BTC bear markets tend to find their absolute bottom about 365 days after the previous bull market peak.
It’s been nearly 300 days since the top of the bull market, so if history repeats itself, the BTC bottom is still at least two months away.”
The analyst notes that when the top crypto-asset by market capitalization reaches the bottom of the bear market, a time when traders should take advantage of the opportunity, investor sentiment centered around BTC is paradoxically negative.
“BTC is getting closer and closer to ending its bear market downtrend, slowly reaching the point of maximum economic opportunity.
Paradoxically, this is the time when most investors are most dejected, fearful, pessimistic about BTC.”
Direct Capital then says that it is important for investors to have a proactive investment mindset rather than a passive one.
“The question should not be ‘will BTC go to new lows?’
The question should be ‘what should I do if BTC goes to new lows?’
The first question represents a reactive, passive investment mindset
The second question represents a more proactive, empowering investment mindset.”
The king crypto is changing hands at $19,810 at the time of writing, down 1.8% in the last 24 hours.
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