Bitcoin’s Bear Market May Extend Further, Analyst Warns
- Bitcoin is down approximately 44% from its all-time high of $126,080.
- The February local bottom showed a decline of about 53% from the peak.
- Previous bear markets saw declines of up to 84% and lasted between 52 to 58 weeks.
- Analyst Jelle suggests more pain ahead for Bitcoin based on historical patterns and RSI analysis.
Crypto analyst Jelle highlights that the current Bitcoin pullback is less severe than past bear markets, which have seen deeper declines and longer durations. Historical data indicates that bear markets typically last over a year, suggesting the current phase might extend further.
Jelle’s analysis points to potential further declines as Bitcoin’s relative strength index has not yet reached levels indicating a market bottom. Investors are advised to remain cautious until signs of recovery become evident through historical indicators like RSI divergence patterns. ( Source )
