Rager analyzed on Twitter that after Bitcoin fell 190 days from its all-time high, it will take another 150 to 200 days to bottom in the past few cycles. He said that based on previous cycle bottoms, Bitcoin “may be down for another 6 to 8 months.”
Rager noted that investors should focus on the 200-week moving average (MA), which was a key support level during Bitcoin’s bear market in 2014 and 2018. He said it would be a “good thing” if Bitcoin rebounded again. The cryptocurrency analyst reminded investors that the price of bitcoin in the current bear market “will be close to $11,000,” according to the latest all-time high, which has pulled back about 84% from its highs.
Rager polled his followers and asked them if they thought Bitcoin had entered a bear market, and nearly 80 percent answered yes.