Crypto analyst Bee has outlined three Bitcoin rules that provide insights into when the bear market is likely to end. This comes as BTC struggles again to hold above the psychological $80,000, with experts predicting another imminent decline.
Bitcoin Bear Market Rules As To When The Bear Market May End
In an X post, Bee stated that Bitcoin has three rules in a bear market. First, he noted that the bear market lasts at least 350 days. The analyst also mentioned that the bottom never forms without touching the MA 350, and lastly, the price always drops further than anyone expects. Based on this, he suggested that the bear market is yet to end despite BTC’s recent relief rally.
His accompanying chart showed that BTC could still drop to around $46,000 before a bottom forms for Bitcoin in this bear market. The analyst also noted that the 350-day moving average is at $47,000, and that level remains untouched. However, Bee remarked that the good news is that the leading crypto is already 65% of the way through the bear cycle.
For now, the analyst expects another downtrend, with Bitcoin potentially reaching new lows. Bee noted that there are too many things working against this bullish momentum at the moment, which is why he is confident that the leading crypto will still drop further. He declared that the flush is coming and that when the MA 350 gets tagged, he will flip bullish.
His analysis comes amid Bitcoin’s recent rally above $80,000, with BTC reaching $82,000 over the weekend. However, the leading crypto is now struggling to stay above this level, falling below $80,000 yesterday on the back of the hot CPI inflation data. U.S.-Iran peace talks have also stalled, which puts BTC at risk of another decline.
Analyst Open To The Bottom Being In
Crypto pundit Colin, who had previously predicted another downtrend for Bitcoin, said he is more open to the idea that the bottom is in than he was a month ago. However, if that is the case, the analyst opined that BTC is still likely to retest the range lows between $60,000 and $70,000 later this year.
On the other hand, Colin also said he is open to the idea that the cycle bottom isn’t in yet and that BTC could see lower prices toward the end of the year. He noted that the logic is that the longer BTC trades sideways or higher, the less the odds are of a lower bear market floor.
At the time of writing, the Bitcoin price is trading at around $81,200, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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