Is Bitcoin Approaching Its Bottom? Understanding the 23-Month Cycle

Summary: Crypto expert Coinvo suggests that Bitcoin might be nearing its market bottom, potentially igniting a price rally. This analysis comes amid rising tensions between the U.S. and Iran, which are currently exerting downward pressure on Bitcoin's price.

Key Takeaways

Coinvo points out a consistent 23-month cycle where Bitcoin reaches its bear market bottom.
Predictions indicate Bitcoin could soar to $150,000, surpassing its previous all-time high of $126,000.
Current geopolitical tensions may not negatively impact Bitcoin's trajectory, contrary to popular belief about rising oil prices.
Analyst Willy Woo raises concerns about a potential bull trap, suggesting Bitcoin is not yet at its bottom.

Bitcoin

Could Bitcoin Soon Hit a Bear Market Bottom?

According to crypto analyst Coinvo, Bitcoin appears to be approaching a market bottom. He bases this observation on a 23-month cycle that he notes has historically marked bear markets for Bitcoin, always occurring exactly 23 months after the cryptocurrency's all-time high (ATH). Currently, Bitcoin stands at this 23-month milestone, prompting Coinvo to recommend buying more Bitcoin, as this pattern has "never failed."

Furthermore, Coinvo predicts that a significant Bitcoin rally could follow the market bottom, possibly driving the price up to $150,000. This forecast anticipates that Bitcoin could exceed its previous ATH of $126,000, recorded in October. He also highlighted that Bitcoin is mirroring the bullish trends of gold from the 1970s—a pattern he argues has consistently led to bullish reversals.

Despite the current downward pressure from escalating tension in the U.S.-Iran conflict, which has seen oil prices rise to $115, Coinvo argues that this scenario may not be detrimental for Bitcoin. In a recent post, he noted that many associate rising oil prices with inflationary pressures that could hurt Bitcoin; however, historical data contradicts this view. Coinvo revealed that Bitcoin's "secret bull-run signal" has triggered for the fourth time, reinforcing his optimistic outlook.

Warning of a Possible Bull Trap for Bitcoin

Crypto analyst Willy Woo has cautioned that a bull trap may be forming around Bitcoin, implying that the market bottom has yet to be determined. He stated that Bitcoin remains "solidly" within the mid-range of its bear market. When significant price drops occur, Woo explained, Bitcoin usually stabilizes before staging a rally and testing resistance levels.

He mentioned that present market conditions could lead to a Bitcoin surge towards the mid-$80,000 range—reflecting the cost basis for short-term investors. Given the rapid sales witnessed in this bear market, such a rally seems increasingly likely. Woo pointed to the consistent recovery of investor flows since mid-February as a factor that may catalyze a rebound to $80,000. He also noted that anticipated volatility in equity markets suggests a shift towards risk tolerance in the near future.

As of writing this article, Bitcoin is trading at approximately $67,800, showing an increase over the last 24 hours, according to CoinMarketCap data.

Bitcoin BTC trading at $67,781 on the 1D chart | Source: BTCUSDT on Tradingview.com