New Delhi: Cryptocurrencies are struggling hard to recover from the ongoing crypto crash, with Bitcoin (BTC) prices hovering around the $30,000 mark. The world’s oldest and most valued cryptocurrency was trading at $30,146.95 at the time of writing, as per CoinMarketCap data. As per a known crypto analyst who goes by the pseudonym Rager on Twitter, BTC still has “six to eight months” before hitting its lowest mark, which is said to be around $11,000. Bitcoin price in India stood at Rs 24.41 lakh on Monday, May 23, as per CoinMarketCap data.
Late last week, Rager took to Twitter to say, “The more you look at prior #BTC price history the more one can think it’s not the bottom.” Sharing a screenshot of historical data, Rager said that after 190 days from an all-time high, “Bitcoin still had 150-200 days until it hit bottom last couple of cycles. If time is any indicator, could be another six to eight months.”
Rager said that in the case of previous Bitcoin bear markets, pullbacks of about 84 percent were seen from the highs. He added, “-84 percent pullback in this bear market would be near $11,000 for BTC.”
Rager also noted that the current cycles “seem to be moving faster but time is just one variable.” “An ‘up-only’ stock market from the past decade now in a recession will certainly be one of the biggest factors,” the analyst added before saying that “guessing when and where bottoms are” is nothing more than speculation at the end of the day.