As the FTX-induced carnage continues in the cryptocurrency industry, Bitcoin (BTC) price continues its bearish pattern after clearing the support at $15,800, prompting crypto experts to try to determine what it will take for the major digital asset to turn the tide.
One of them is cryptocurrency technical analyst Matthew Hyland, who sees $20,200 as the price at which bitcoin could finally break out of the bear market, which is previously observed It was “the second longest,” as he explains in one video Tweet on November 22.
Hyland, who has been tweeting about the supertrend indicator for 3 days since last January, claimed that:
“It’s been in the red for almost a year now, Dec 3, 2021, so we’ve spent almost the last year in this super red. This basically covers 90%+ of the bear market. The only place missing is the area in November So the price of this turning green now comes in at about $20.2k.”
Going forward, he explained that “this is because when bitcoin makes new lows, it lowers its price to turn green, so when we get back above the $20.2k level, that will actually turn green.”
The expert also referred to the 3-day Moving Average Convergence Divergence (MACD) indicator, which he said “reversed earlier this week, about a week ago, and the last two times it made new lows in the bear market, and it did. Again – we witnessed Today’s new lows in the bear market.
The second longest bear market
As Hyland reiterated:
“This is the longest bear market Bitcoin has seen since 2014. This is now longer than the 2018 bear market. The 2018 bear market only lasted another year today. It’s been over a year now.”
Meanwhile, the largest decentralized financial (DeFi) asset by market cap ($302.19 billion) is trading at $15,727 at press time, down 2.27% on the day and 6.30% over the previous seven days, according to data compiled by Coinphony on Nov. 22. .
It should also be noted that Bitcoin’s loss of support at $15,800 means that the area is now between $15,510 and $15,250, as a pseudonymous crypto expert mustache It was determined while Maiden’s Crypt was still testing this level.
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Bitcoin must reach this price level to escape the second longest bear market, which appeared first on Coinphony.