Prices traded flat in the lack of any significant changes, which is common for crypto winters, and it was another day of underwhelming activity in the cryptocurrency market. Bulls fiercely defended Bitcoin (BTC) against repeated efforts by bears to drive its price below $20,000, pushing it back up to the $20,200 region.
BTC is still a few months away from perhaps realizing the market cycle bottom even at those levels. It is yet unclear how the forthcoming Merge would affect other cryptocurrencies, such as BTC.
Nearly 300 days have passed since the last bull market peak, which occurred at the $68,000 level. BTC raised expectations of a bull market earlier this month when it got close to the $25,000 level. The most recent instance of Bitcoin (BTC) trading below the $20,000 threshold occurred in the middle of July. BTC is currently trading at $20,106, down 1.39% in the previous 24 hours. The current price range is still 6.63% less on a weekly basis.
Is BTC bottom Still 2 Months Away?
Analyzing historical data revealed that Bitcoin’s bearish momentum will last for about 365 days after the most recent bull market top. According to cryptocurrency expert Rekt Capital, based on that assessment, the Bitcoin bottom is around two months away.
“Historically, BTC bear markets tend to find their absolute bottom price approximately 365 days after the previous bull market peak. It has been almost 300 days since the bull market peak. So if history repeats, the BTC bottom is still at least two months away.”
According to reports, BTC investors are reportedly carrying substantial unrealized losses at the present trading range. Statistics showed that long-term Bitcoin holders are currently losing money when they spend their currencies. Additionally, the market value to realized value (MVRV) reveals a poor attitude among traders.