Bitcoin (BTC) experienced sharp declines due to the current bear market, and investors suffered a great loss.
While investors who want to cover their losses want the bear market to end as soon as possible, they are curiously waiting for when BTC will rise.
Failing to meet the expectations of investors BTCIn recent weeks, it continues its horizontal movements in the $19,000-20,000 range.
Although technical indicators are giving a bottom signal in Bitcoin CryptoQuant analyst crypto sun moonwarned investors that there may be one final drop before the bottom can be found in Bitcoin.
Comparing the 2018 bear market with the current bear market, the analyst said that Bitcoin now has a descending triangle pattern similar to 2018.
Adding a chart to the Bitcoin analysis, CryptoQuant analyst warned that if the situation in 2018 is experienced in this bear market, there may be a final decline.
“The movement of long-term Bitcoins has subsided and price volatility is dropping a lot.
If the current descending triangle pattern is completed and BTC price deviates from the support line, there is a possibility of a final collapse in the bear market.”
experiencing significant declines in the face of the FED’s hawkish attitude. bitcoinIt is trading at $19,169 at the time of writing.
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