A widely followed crypto analyst says that he’s identified when Bitcoin (BTC) tends to bottom out during bear markets.
The pseudonymous trader Rekt Capital tells his 328,000 Twitter followers that BTC is fast approaching its bottom, which is historically inclined to form about a year after its previous bull market peak.
“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.”
The analyst notes that as the top crypto asset by market cap is reaching its bear market bottom, a time when traders should take advantage of the opportunity, investor sentiment centered around BTC is paradoxically negative.
“BTC is getting increasingly closer to ending its bear market downtrend, slowly reaching the point of maximum financial opportunity.
Paradoxically, this is the time when most investors are most dejected, fearful, pessimistic about BTC.”
Rekt Capital then says that it’s important for investors to keep a proactive investing mindset rather than a passive one.
“The question shouldn’t be ‘will BTC go to new lows?’
The question should be ‘what will I do if BTC goes to new lows?’
First question represents a reactive, passive investing mindset
Second question represents a more proactive, empowering investing mindset.”
The king crypto is changing hands for $19,810 at time of writing, a 1.8% drop during the last 24 hours.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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