- A chart analyst argued that the Bitcoin bear market is concluding.
- Bitcoin halving will happen in 2024, approximately 1.5 years away.
- BTC currently trades at $16,845, barely gaining a 1% increase in the last seven days.
A well-known crypto expert has set a date for the conclusion of the Bitcoin (BTC) bear market. Rekt Capital posted on Twitter yesterday that Bitcoin historically finds its absolute bottom price approximately 365 days after the peak of the previous bull market.
Given that today is roughly 400 days since BTC hit $69,000, the bulls could be ready any time soon, according to the analyst.
Furthermore, based on a BTC chart, Rekt Capital argued that the coin was still below the $17150 resistance price and that a monthly close below $17150 would likely further confirm the resistance level and send Bitcoin back to $15400 lows.
Last month, a crypto chart analyst published a 10-part Twitter thread explaining why they believe November is the best time to accumulate Bitcoin (BTC) ahead of the next bull cycle.
Putting data together, Kyledoops asserted that buying BTC around a year before a Bitcoin halving event has always provided investors with maximum opportunity. Historically, a Bitcoin halving event occurs once in four years when the reward for mining Bitcoin transactions cuts in half, reducing the rate at which new coins go into circulation.
A significant push in the price of Bitcoin always follows after each halving event. Given that the next Bitcoin halving will happen in 2024, approximately 1.5 years away, the chart analyst argued that amassing Bitcoin now at the near bottom provides the ultimate prospect.
Bitcoin currently trades at $16,845, barely gaining a 1% increase in the last seven days. Ethereum (ETH), on the other hand, gained 3.5% over the previous week, trading at $1,218.90.
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