Bitcoin Plunges into Bottoming Phase: Will It Last Months?

PlanB, a prominent crypto analyst, believes that Bitcoin has entered a bottoming phase that could last one to three months. This process typically involves price stabilization and accumulation, but PlanB cautioned that the price could still decline further during this period.

The 200-week moving average, which has historically served as a strong support level during bear markets, currently stands at approximately $63,000. Bitcoin closed July at $62,818, just below this average.

Historical patterns suggest that Bitcoin often consolidates after significant declines before establishing a new uptrend. PlanB's estimate of one to three months for the bottoming phase is within the typical range, but the actual duration can vary depending on broader market conditions and macroeconomic factors.