coinedition.com 6 h Reading time: ~2 m
A crypto chart analyst by the username @rovercrc on Twitter recently argued that a potential bull market rally is underway, given that Bitcoin’s historical patterns were reoccurring. The crypto analyst added that it was a more significant risk not to invest in Bitcoin (BTC) at the current price.
At this point it is a greater risk not to buy #Bitcoin.
— Crypto Rover (@rovercrc) January 10, 2023
According to the market tracking platform, CoinMarketCap, Bitcoin broke the $17K price point over the last 48 hours, having traded around $16,000 in the past three weeks. Currently, the coin is worth $17236.95, having seen a 3% growth under a seven days window.
Previously, well-known crypto expert Rekt Capital predicted the end of the crypto bear market was near. They asserted that Bitcoin historically found its absolute bottom price approximately 365 days after the peak of the previous bull market.
Given that today is roughly 400 days since BTC hit $69,000, the bulls could be ready any time soon, according to the analyst.
It’s been ~400 days since the #BTC Bull Market peak at $69000
Which means that this Bear Market is getting closer and closer to ending
Historically, $BTC Bear Markets find their absolute bottom price approximately 365 days after the previous Bull Market peak#Crypto #Bitcoin
— Rekt Capital (@rektcapital) December 23, 2022
However, in another Twitter thread, Rekt Capital said: “The 2022 downtrend has emotionally deprived investors to the point where they’ve become desensitized to the downside and hypersensitive to any upside.”
Nonetheless, another analyst asserted that buying BTC around a year before a Bitcoin halving event has always provided investors with maximum opportunity. Notably, a Bitcoin halving event occurs once in four years when the reward for mining Bitcoin transactions cuts in half, reducing the rate at which new coins go into circulation.
The chart expert argued that given that the next Bitcoin halving will happen in 2024, amassing Bitcoin now at the near bottom provides the ultimate prospect.