The Crypto Pure analyst indicated that the blood moon can affect the trajectory. Bitcoin price. Drawing attention to historical trends, the analyst hinted that this could be the case, and a rally above $100,000 could be on the cards.
A Bitcoin price rally above $100,000 could be on the cards
In one X postPure drew attention to the possible correlation between Blood Moons over the past 12 years and Bitcoin’s price action. Based on this, the analyst’s chart suggested that BTC could still rise above $100,000 soon, possibly reaching an all-time high (ATH) of $126,000. The chart also showed that there were usually at least three bleeding months in each of the last three months BTC Cycles.
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The third blood month in each of these past periods marked a significant drop in the price of Bitcoin, and the leading crypto has since reached new highs. Now, in this period, after the periods of March 14 and September 7 of last year, the third Blood Moon will occur. Thus, there is an opportunity BTC may go lower again if history repeats itself.
Poore also noted that the next Blood Moon will occur three years after tomorrow, indicating that this is the Blood Moon that may mark the bottom, as no others occur during this cycle. The analyst also admitted that this could mean that the maximum pain is over with a potential upward swing on the horizon for the price of Bitcoin.
BTC is still in a bear market despite the easing relief
Market expert Benjamin Cowen reiterated that BTC is still in it bear marketalthough a reprieve may be on the cards amid US-Iranian tensions. In one X postCowen noted that risk assets are often sold off and then returned after major conflicts erupt. If the rally for the price of Bitcoin takes place, the expert noted that it will probably lead to a lower level in March, as in 2022.
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Cowen also noted that bear markets usually take a while to play out. His accompanying chart showed that the price of Bitcoin went up after that war between Russia and Ukraine started in 2022, but made a low that led to a deep long-term decline before bottoming out. It is worth noting that BTC then reached the end of 2022, which also coincides with Cowen’s prediction that BTC could go down in the fourth quarter of this year.
According to the publication, the price of Bitcoin is around $66,600, which has decreased in the last 24 hours. information from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
