Bitcoin in Unprecedented Bear Market: Is This When It Will End?

Trending 11 months ago

The Bitcoin (BTC) terms has been trending down for a play of 364 days from its all-time high. Despite this, it’s chartless whether oregon not a bottommost has been reached.

The Bitcoin price has been expanding supra an ascending enactment act since the extremity of 2018. After a year-long autumn from its all-time high, BTC again reached this enactment adjacent $15,479 successful November 2022.

Bitcoin successful 2023 And Beyond

The debased validated the semipermanent ascending enactment act and created a bullish divergence successful the play RSI (green line) aft the indicator moved extracurricular of its oversold territory. Bullish divergences successful the play clip framework are precise rare.

However, the RSI has yet to interruption retired supra its bearish divergence trendline (black). Whichever trendline breaks archetypal could find the absorption of the trend.

Bitcoin Price Prediction For JanuaryBTC/USD Weekly Chart Source: TradingView

If the Bitcoin terms does not interruption down from the ascending enactment line, it could rally successful 2023. If the BTC terms breaks down, it could autumn backmost to trial a erstwhile horizontal enactment and a semipermanent ascending enactment act adjacent $12,000 (dashed).

Unprecedented Bear Market

Even though method investigation readings are not yet bullish, cyclical periods relating to halving suggest that a bottommost volition beryllium reached soon. Historically, a bottommost has been reached 517-547 days earlier the halving. The adjacent halving is lone 491 days away.

Moreover, if the BTC terms does not adjacent supra $19,422 connected January 1, 2023, it would people the archetypal clip successful past that all 4 quarterly candles are bearish. Since determination are lone 3 days near until the quarterly close, this seems likely. Therefore, the existent carnivore marketplace is already successful unprecedented territory.

Another Bitcoin terms investigation tin beryllium done by measuring the fig of days from the all-time precocious to the bottom. In the 2013-2015 carnivore market, it took 410 days for the bottommost to beryllium reached. In the 2017-2018 marketplace downturn, it took 363 days.

If Bitcoin bottomed successful November 2022, it would mean the carnivore marketplace lasted 364 days. And if a bottommost has not been reached yet, the carnivore marketplace has been ongoing for 413 days.

If a bottommost has not yet been reached, this would beryllium the longest crypto carnivore marketplace to date.

Bitcoin Price Bear MarketBTC/USD Weekly Chart Source: TradingView

However, the downside has not been unprecedented successful presumption of percent loss. The BTC terms fell by 86% successful the 2014/2015 carnivore marketplace and fell by 83% successful 2018. The existent BTC terms has fallen by 77% from its all-time high.

So successful this regard, this has been the mildest carnivore marketplace yet.

For BeInCrypto’s latest crypto marketplace analysis, click here.


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Source Beincrypto