Bitcoin Could See Its Bottom – Here’s When

The optimistic predicitons about the king coin continue to pour into the crypto space. Check out the latest reports about all this below.

It’s been just revealed that an important crypto strategist is looking at Bitcoin’s previous bear markets in an effort to predict the end of BTC’s current downtrend.

Pseudonymous analyst Rager has recently said that the length of Bitcoin’s 2014 and 2018 bear cycles suggests that BTC has a long a way to go before it can carve a bottom.

“The more you look at prior BTC price history, the more one can think it’s not the bottom. After 190 days from the all-time high, Bitcoin still had another 150 to 200 days until it hit bottom last couple of cycles (red box). If time is any indicator, could be another six to eight months.”

Regarding BTC’s price, Rager says that he’s keeping an eye on the 200-week moving average (MA), which he notes has kept Bitcoin afloat during the 2014 and 2018 downtrends.

“If Bitcoin price does drop and bounce at the 200-week MA like previous bear markets – consider that a good thing. It would only be a drop of -68% from the highs. Previous bear markets had -84%+ pullbacks. -84% pullback in this bear market would be near $11,000 for BTC.”

Regarding BTC’s price, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $29,754.

A Senator from Alabama is introducing a new bill that could potentially stifle the government from restricting top digital asset Bitcoin (BTC) and other cryptos as investment options for 401(k) retirement plans.

According to the latest reports, Republican Senator Tommy Tuberville is unveiling the Financial Freedom Act of 2022.

This would counter attempts by the U.S. Department of Labor (DOL) to exclude crypto assets as a choice for self-directed 401(k) plans.