Bitcoin Bull Run Delayed by Two Months: Analyst
Bitcoin's price has been on a downward trend since October when it briefly pushed past $126,000. Since then, the asset has fallen 25.98% this year and its market capitalization has dropped by $665 billion to around $1.29 trillion.
Market analyst Joao Wedson, founder of Alphractal, believes that Bitcoin's bull run could be delayed for another two months. He points out that based on historical cycle patterns, there could still be at least 2 months to go from today before the bull market kicks in.
Wedson notes that during past bear markets, Bitcoin's drawdowns have averaged around 382 days. At present, Bitcoin has been in a downtrend for 303 days since its peak and is expected to hit bottom in October this year.
However, FrankAFetter, a pseudonymous analyst, has a more optimistic view of the market. He believes that short-term holders are now acting as 'market actors with a long-term holder mindset' and expects a breakout above the break-even point.
The analysts agree on one thing: Bitcoin must clear its current sell walls to sustain any rally. The $64,000 to $65,000 region is a critical hurdle that needs to be cleared convincingly for any sustained rally to hold.