Analyst: “I Think We’re Near the Bottom”

The Fed’s decision to increase interest was a brake on the crypto money market, which was buoyed by the fact that the inflation was below expectations in the USA. The leading cryptocurrency pushed the $18,000 resistance and bounced back to the $17,500 level. Analyzing the current situation for Bitcoin and popular in the crypto market, Altcoin Sherpa predicts that the bottom for Bitcoin is finally in sight. However, the analyst predicts that this does not mean a bullish start and that a period of accumulation will begin.

Altcoin Sherpa told his 187,800 Twitter followers that BTC still has one more wick to go before it bottoms out. But here’s the trick: The trader is waiting for a 6-12 month consolidation for Bitcoin before it starts to rise again.

“Where we are right now. I think we’re close to the bottom in terms of prices, but in terms of time, we still have a lot of time to go. Maybe we’ll get one last whirlwind and then we’ll be hanging around for 6-12 months.”

Sherpa offers historical data as evidence for its prediction. Adding that Bitcoin tends to consolidate for months after finding a bottom, Sherpa cites the bear market in 2015 as an example.

“Bitcoin: In 2015, the bear market, including accumulation, emerged approximately 700 days after the downtrend. The consolidation period in 2018 lasted 450 days.”

The famous analyst announced that the critical level for Bitcoin is $ 17,000. At the time of writing, BTC is trading at $ 17.5 according to Coinmarketcap data. The total market cap of the cryptocurrency is $336 billion, while the dominance rate is 39.4%.

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