In a recent analysis, a well-known cryptocurrency analyst, who made accurate predictions about Bitcoin’s price movements in the past, has voiced opinions on the current market trends for Bitcoin (BTC). This analyst, operating under the pseudonym Killa, suggests that Bitcoin is not finished with its corrective phase.
“We appear to be at the lower end of the [2022] range of the fractal, indicating that we can expect several months of market fluctuations before we reach the bottom,” Killa stated in a new strategy session.
Killa offers insights drawing parallels to Bitcoin’s performance in 2022, estimating that BTC could begin to establish a market bottom around July. The analyst forecasts that the bottoming process could extend for approximately two months, setting the stage for a potential bull market rally starting in September. This assessment mirrors the 2022 cycle, where a similar bottom was formed in November and December.
“I don’t believe we’ll form a macro bottom exactly here in July, but I do see this as the area where we begin constructing that bottoming zone…,” Killa elaborated further. “If we look at the number of months we spent in this lower range in 2022 prior to the continuation of the bull market—or what could be viewed as a bear market rally—we can observe a pattern of about two months. If we add that timeframe to July, we end up near August 30th, which likely indicates when we could see the bottom.”
As of the latest update, Bitcoin is trading at approximately $71,079, marking a 4.4% decrease for the day.
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