Crypto analyst Coinvo has explained why Bitcoin may be near the bottom, which could lead to a rally to new highs. This comes at a time when BTC is facing downward pressure due to increasing tension USA and Iran.
Why Bitcoin could soon reach the bottom of a bear market
In one X postPointing to Bitcoin’s monthly chart, Coinvo noted that the leading crypto has been in a bear market for 23 months since. highest time (ATH) in each cycle. BTC is currently sitting at 23 months, which the analyst noted is a sign to buy more Bitcoin as this pattern has “never failed”.
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The analyst also predicted that Bitcoin could see a massive extension after it bottomed out, rising to $150,000. This means that BTC could still go above its current ATH of $126,000, which was recorded last October. Meanwhile, in another X postCoinvo revealed that Bitcoin is doing just that bull market pattern that gold in the 70s. He added that the pattern has never failed, suggesting that BTC may soon see a bullish reversal.
Bitcoin is currently facing negative pressure as war between America and Iran continues to expand. The war pushed oil prices up to $115 a barrel today, sparking concerns that this could lead to higher inflation. However, Coinvo has indicated that the rise in oil prices may not be bearish for BTC. In one X postHe stated that most people think that the rise in oil prices for the leaders is due to low inflation, but history says otherwise. This came as he revealed that BTC’s secret signal had flashed for the fourth time in history.
A Bull Trap may be forming for BTC
Famous crypto analyst Willie Wu warned that a bull trap is forming for Bitcoin, while showing that the bottom is not yet there. He stated that BTC is still “hard” at its midpoint bear market through the lens of long-term liquidity. The analyst also noted that after a quick downtrend like the market, BTC tends to trade sideways and then test resistance.
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Willy Wu also revealed that the current conditions a Bitcoin rally to test the average range of $80,000, which is the cost base for short-term investors. This rally seems more likely, especially given that BTC sold off quickly in the early bear market. The analyst pointed out that investor flows have continued to recover since mid-February, which could lead to a breakthrough to $80,000. He added that the expected volatility in stocks points to a shift to risk in the coming weeks.
At the time of writing, the price of Bitcoin is around $67,800 in the last 24 hours, according to information from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
