Here Are the Potential Bear Market Bottom Targets for Bitcoin (BTC), According to Top Crypto Strategist

A intently adopted crypto strategist is mapping out two potential backside targets for Bitcoin as BTC loses almost 30% of its worth in simply seven days.

Crypto analyst Rager tells his 207,100 Twitter followers he’s retaining an in depth watch on the 200-week easy shifting common (SMA), which he says has marked the underside for Bitcoin throughout the 2015 and 2018 bear markets and the 2019 Covid-induced collapse.

“The straightforward shifting common, this blue one, is admittedly what lots of people are watching in the case of shopping for the dip alternatives. Traditionally, [the 200-week SMA] has been principally the place Bitcoin closed above on the weekly or the upper timeframes…

There’s a superb risk that we see that the $22,300 the place the shifting common is at now’s an actual risk of a possible backside.”

At time of writing, Bitcoin is altering arms for $21,691. Although BTC is beneath the 200-week SMA, Rager highlights that the bearish transfer may very well be a wick that will get purchased up.

“Even when it wicks beneath it, I feel you’re going to see lots of people, even with a wick, particularly larger gamers, [will] most likely purchase into that.”  

Though the 200-week SMA has traditionally allowed Bitcoin to print bear market lows, Rager says BTC can nonetheless go decrease in case you’re wanting on the proportion of retrace from the all-time excessive.

“In the event you look again at 2013 to 2015, you noticed an 80% lower in worth there. The final all-time excessive [$20,000], you noticed an 83%, 84% pullback from December 2017 to November 2018… So principally over 80% pullbacks traditionally from the all-time excessive throughout market cycles.

Now the issue with that’s that Bitcoin from the all-time excessive of $69,000 has solely went so far as 63% on that earlier wick and even when we go all the way down to the 200-week easy shifting common, that’s solely about 67%, 68% from the all-time excessive.”  

In keeping with Rager, an 80% drop from BTC’s all-time excessive will drive Bitcoin to across the $14,000 worth stage. He highlights that the worth space gives strong help for BTC from a excessive timeframe perspective.

This block zone proper right here from $17,000 all the way down to $14,000 roughly, you’re going to note that’s additionally the world the place worth rejected off that throughout the uptrend of 2019 after the underside and earlier than the black swan occasion. Then it got here again up, had some bother, lastly broke above, got here again down and retested stage and went again up. So I feel if it does break beneath the 200-week SMA, I do assume that that’s a superb place to purchase.” 

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