A popular crypto strategist is setting a price floor and realistic timetable for Bitcoin (BTC) to once again soar as the markets recover from an early-week tumble.
Pseudonymous crypto analyst Inmortal tells his 155,300 Twitter followers that in the wake of BTC’s latest 25% capitulation over the past week, he expects the leading digital asset to stand firm between $25,000 and $30,000.
“This is what I think will happen.”
The trader cautions investors to be patient as he brings up a chart showing that Bitcoin is only about halfway through the current market cycle.
“In the previous cycles, it took about 400 days to find the bottom.
In the current cycle, 178 days have passed since the top.
So, if this cycle is similar, we are halfway.”
Inmortal concludes his analysis by comparing BTC’s 2022 price to what it was in the spring and early summer of last year, which preceded its rise to an all-time high of $69,000 in November. The current downward chart shape mirrors that of 2021, according to the analyst.
“Just a small divergence in 3D.”
Bitcoin has recovered slightly from its weekly low of $30,269 on Monday, with BTC currently trading sideways and a price tag of $30,959.
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Source: https://dailyhodl.com/2022/05/11/top-analyst-says-bitcoin-btc-fast-approaching-bear-market-bottom-but-theres-a-catch/