How many months does it take Bitcoin to end the bearish momentum?
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Answer How many months does it take Bitcoin to end the bearish momentum?
Bitcoin’s bearish momentum has not slowed down this year as traders continue to trade cautiously.
With Bitcoin dropping below $20,000 again a month later, the investor community is looking to mark the time of the bottom.
Historical data suggests there is a definite timeline for how Bitcoin’s bottom is timed in relation to all-time highs.
Even at these levels, Bitcoin is still a few months away from hitting the bottom of the market cycle.
It remains to be seen how the upcoming Ethereum merger will unfold and what impact the potential impact will have on other cryptocurrencies including Bitcoin.
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How long will the bitcoin price drop last?
The ongoing winter on cryptocurrencies has been completely unexpected for anyone to guess where Bitcoin will find its bottom.
So far, it’s been nearly 300 days since the last bull market peaked around the $68,000 level.
Earlier this month, Bitcoin raised hopes after entering an uptrend when it approached the $25,000 level.
Meanwhile, the last time Bitcoin traded below $20,000 was in mid-July.
At the time of this writing, Bitcoin is trading at $19,950, down 1.42% in the last 24 hours, according to price tracking platform CoinMarketCap.
On a weekly basis, the current price range is still down about 8%.
According to the analysis of historical data, Bitcoin’s bearish momentum will continue until about 365 days from the high of the recent bull market.
By this account, the bottom of Bitcoin is about two months away, according to analyst Rekt Capital.
Historically, a Bitcoin bear market has tended to find its absolute minimum price about 365 days after the peak of the previous bull market.
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Currently, it has been nearly 300 days since the peak of the bull market.
So if history repeats itself, Bitcoin’s bottom is still at least two months away from now.
Now long-term investors are in a losing position:
In the current trading range, it appears that Bitcoin investors are incurring huge unrealized losses.
Statistics revealed that long-term bitcoin holders are currently spending their coins on a losing streak.
Also, Market Value to Realized Value (MVRV) indicates a negative sentiment in the trading community.
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