A popular crypto strategist has outlined a price floor and a realistic timeline for the Bitcoin (BTC) price to rebound as markets try to bounce back from the early week’s slump.
The analyst, known by the alias Inmortal, told his 155,300 Twitter followers that he expects the leading digital asset to hold firm between $25,000 and $30,000 after BTC’s 25% plunge last week.
“This is what he expects to happen.”
According to the analyst’s prediction, Bitcoin will reach the bottom at $25,000 and then rise again and go on a journey of $45,000.
However, the trader warned investors to be patient as he shared a chart showing that Bitcoin is only about halfway through the current market cycle.
“It took about 400 days to find the bottom in previous cycles. In the current cycle, 178 days have passed since the peak. So if this cycle is similar, we’re halfway there.”
Inmortal compared its analysis to the 2022 price of BTC with the price of 2021 in the spring and early summer of the year. is ending. At that time in 2021, Bitcoin was heading towards a record high of $69,000. According to the analyst, the current downward chart pattern is the same as that of 2021.
“Just a small deviation on the chart.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.