As the price of Bitcoin BTC/USD continues to hover near the $30,000 mark, a popular crypto analyst says there may still be a lot more downside for the apex cryptocurrency.
What Happened: The analyst whose known as “Rager” told his over 207,000 followers that looking at Bitcoin's price history, the bottom may still be months away. “After 190 days from the all-time high, Bitcoin still had another 150 to 200 days until it hit bottom last couple of cycles,” he tweeted.
Basing the cycle bottom on previous timelines, he said there “could be another six to eight months” of lower prices.
Rager pointed out that investors should focus on the 200-week moving average (MA), which acted as a key support level during the 2014 and 2018 Bitcoin bear markets. He said if BTC bounces off that level again, that would be a "good thing."
Also Read: 10,000 Bitcoin For 2 Large Pizzas: What You Should Know About 'Bitcoin Pizza Day'
How Low BTC Can Go: The crypto analyst reminded investors that previous Bitcoin bear markets saw pullbacks of about 84% from the highs, and based on the latest all-time high, that “would be near $11,000 for BTC.”
Rager polled his followers, asking if they believed BTC has entered a bear market, almost 80% said yes.
Is Bitcoin and crypto in a bear market? — Rager 📈 (@Rager) May 19, 2022
He also had some words of advice on how to navigate the unpredictable market. “My strategy is not to be overexposed & if I'm a little late getting into the market on a reversal, so be it,” he said. “Much better than being down another 30% on buys thinking that we've hit for sure bottom”
Price Check: Bitcoin was trading at $29,920.68 on Sunday afternoon, up 1.74% in the past 24 hours, according to Benzinga Pro.
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