Cryptocurrency analysts have warned that at least 10 more corrections could occur before the peak of this bull cycle is reached.
According to IOSG Ventures research, the cryptocurrency market is in the middle of its sixth bull cycle, with the accumulation and initial stages of the cycle left behind. to the ascension stage came.
Analysts found that the median length of past bull cycles lasted 364 days. “In the current bull run, Bitcoin is 2.6x higher than the bottom and is temporally roughly in the middle of the median length of bull cycles.” said.
The 50-day moving average of the Bitcoin price has risen above the 200-day moving average in recent weeks. Throughout history this happened 6 times And “the probability of receiving a positive return within one year after this intersection occurs is greater than 80%” It is estimated.
However, analysts say this cycle is lower than in the past. less correction saying that it happened “If this cycle shows similar characteristics to those in the past, we can expect at least 10 more corrections.” he warned.