Source: dailyhodl.com
Popular crypto trader Jason Pizzino says Bitcoin’s (BTC) previous boom-and-bust cycles may hold the clues for when the king crypto could finally establish a bear market bottom.
In a new video update, Pizzino tells his 279,000 YouTube subscribers that Bitcoin’s current bear market aligns with its two previous downtrends in terms of time.
“For the day counts, we’re getting very close again to what we’ve seen in previous cycles… The first cycle here, 2014, we have 411 days. You see that from the top to the bottom, 411 days, from the peak to that low…
The next cycle was in 2018, 363 days, basically almost exactly one year, top to bottom, 363 days.
And at the moment, with the current low being middle of November, 376 days, as the peak was around early November. So this could still lead out into January, maybe for another bottom as well. And that would still be well within the timing of all previous cycles, which means that lines up very, very well with the previous cycles, and of course the halving event coming up in 2024.”
Pizzino also says that traders should be on the lookout for sharp Bitcoin rallies even amid negative market sentiment. According to the trader, huge upswings have marked the end of the 2014 and 2018 bear markets.
“For the last two bear market cycles for BTC, the swings have called the end of the bear market. Once these swings have broken to the upside, that’s the end of the bear market. However, the news is still going to be very, very negative so don’t let that put you off.”
At time of writing, Bitcoin is changing hands for $16,857.
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