Crypto analyst Coinvo has explained why Bitcoin may be close to a bottom, which could spark a rally to new highs. This comes as BTC continues to face downside pressure due to the rising tensions between the U.S. and Iran.
Why Bitcoin May Soon Reach A Bear Market Bottom
In an X post, Coinvo alluded to the Bitcoin monthly chart, noting that the leading crypto has hit its bear market at exactly 23 months after the all-time high (ATH) in every single cycle. BTC is currently sitting at 23 months right now, which the analyst noted is a sign to buy more Bitcoin, as this pattern has “never failed.”
Related Reading
The analyst also predicted that Bitcoin could see a massive expansion once it bottoms, rallying to as high as $150,000. This means that BTC could still surpass its current ATH of $126,000, which it recorded in October last year. Meanwhile, in another X post, Coinvo revealed that Bitcoin is replicating the exact same bull market pattern that gold did in the 70s. He added that this pattern has never failed, suggesting BTC could soon see a bullish reversal.
Bitcoin is currently facing downside pressure as the U.S-Iran war continues to escalate. The war has sent oil prices as high as $115 today, sparking concerns that this could drive inflation higher. However, Coinvo indicated that the rising oil prices may not be bearish for BTC. In an X post, he stated that most people think that rising oil prices are bearish for the leading because of inflation, but history says the opposite. This came as he revealed that BTC’s secret bull-run signal has just flashed for the fourth time in history.
Bull Trap May Be Forming For BTC
Popular crypto analyst Willy Woo warned that a bull trap is forming for Bitcoin, while also indicating that a bottom isn’t in yet. He stated that BTC is still “solidly” in the middle of its bear market through a lens of long-range liquidity. The analyst also noted that after rapid downward flushes like the market has seen, BTC tends to trade sideways and then mount a rally, testing resistance.
Related Reading
Willy Woo also revealed that current conditions are setting up a Bitcoin rally to test the mid-$80,000 range, which is the cost basis for short-term investors. This rally looks more likely, especially considering that BTC sold off fast in the early bear market. The analyst highlighted that investor flows have been in consistent recovery since mid-February, which could spark this rebound to $80,000. He added that expected volatility in equities is hinting at a switch to risk-on in the coming weeks.
At the time of writing, the Bitcoin price is trading at around $67,800, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
