The Countdown Has Started in Bitcoin! According to the Legendary Analyst, This Will Be a Difficult Process!
Crypto currency analyst Altcoin Sherpa, whose analysis is closely followed, predicted that Bitcoin (BTC) will see one more capitulation event before finally hitting the bottom of the bear market, and then an accumulation process will begin.
The Accumulation Period Has Started in Bitcoin
Anonymous cryptocurrency analyst and trader Altcoin Sherpa told his more than 185 thousand Twitter followers that he expects Bitcoin to go down by throwing a wick before hitting the bottom. According to the analyst, BTC will undergo a consolidation period of 6-12 months before starting to rise again after this capitulation process:
Where do we stand right now? We are at a point where we think we are half close to the bottom in terms of prices, but in terms of time we still have time to go on. Perhaps one more last capitulation wick falls, and after that there will be volatility for 6-12 months.
Pointing to historical data as evidence for his prediction, Altcoin Sherpa said that he expects 2023 to be a year full of volatility, noting that Bitcoin tends to consolidate for months after hitting the bottom:
Bitcoin: About 700 days after the bear market downtrend, including the consolidation in 2015.. Will you be able to handle this? It’s been about a year since our last move. 2023 will be a year filled with another volatility in general.
Altcoin Sherpa also brought up the consolidation period of the largest cryptocurrency BTC in 2018, noting that it lasted close to 450 days, “Compare this with 2018 and its accumulation, and it took about 450 days.” said.
Bitcoin’s Local Bottom
The crypto currency analyst then stated that the next area of interest in which the largest crypto currency returned by market value was the local bottom level of 17 thousand dollars.
According to the data of the crypto data platform CoinMarketCap, BTC is changing hands at 17 thousand 401 dollars with an increase of 1.81 percent recorded in the last 24 hours at the time of preparation of this article.
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