As Bitcoin (BTC) retests a crucial level after breaking down of a bearish pattern, an analyst has suggested that the flagship crypto’s final correction before the next bull market could start in the coming days.
Start Of ‘Final Washout’ Is Days AwayThe analyst explained that historically, the crossover between BTC’s 50 and 200 Simple Moving Averages (SMAs) has marked the “‘absolute bottom’ of every major cycle since 2014.”
23-33 days after the crossover, the cryptocurrency continued its correction, retracing another 45%-52% before bottoming. In 2022, “another lower low formed 156 days later, completing the bear structure and opening the door for the next bull market.”
Martinez noted that while the final leg down could be intimidating, history has shown that the crossover is the “Golden Opportunity” for long-term investors. Based on its 40%-50% “resets,” the analyst suggested two main accumulation zones: the $40,000 and $30,000 levels.
Structurally, this setup has historically aligned with the last major downside move before a generational macro bottom forms. (…) The countdown to the next vertical move has begun.
Bitcoin Bear Flag Breakdown Confirmed?After closing the week around the $66,000 mark, Bitcoin has surged to the $67,000-$68,000 area to retest a crucial level from below. The flagship crypto has been trading between $62,000-$74,000 for nearly two months, developing a bearish formation during this period.
