Continuing the rise that started over the weekend Bitcoin (BTC) It went up to $22,515.
With the rise, investors think that the bottom may have been found in Bitcoin and that the rise has begun, but one of the important institutional investors of the crypto market. grayscalepredicts that the bear market may continue further.
bitcoin and Grayscale, which published a report on how long the bear market in cryptocurrencies will continue, examined the price cycles in cryptocurrencies.
Cryptocurrency Stating that the market progresses in cycles, just like in traditional financial markets, the company stated that the crypto market cycles last approximately 4 years.
Grayscale pointed out that the actual price of Bitcoin fell below the market price as of June 13, BTC He suggested that the movements in the actual price may be effective in the upcoming cycle.
The company also said in its report that the bear market, which started as of June 13, could continue for another 250 days if price movements are repeated as in the old cycles:
“The actual Bitcoin price dropped below the market price as of June 13, signaling that we may have officially entered a bear market.
Compared to previous cycles, the current bear market may last another 250 days. Looking at this from another angle, the 250-day period may offer investors another buying opportunity.”
When Will Bitcoin Rise?
The report stated that the current cycle started in 2020 and Bitcoin can wait another four months for it to rise again. According to Grayscale, there is a possibility that the price realized after 4 months will exceed the market price.
In addition, stating that 222 days have passed since BTC’s ATH of $ 69,000 in November, Grayscale said that this means that we can see downward or horizontal price movements for 5-6 months until the next bull.