A crypto analyst has outlined a specific time period that he believes could be the right time to sell Bitcoin (BTC) for the most returns. In support of his prediction, the analyst highlighted a recurring historical pattern that has marked major bullish turning points BTC market cycles. He suggested that these past patterns could be used to determine the best exit points for traders in the current cycle.
Analyst Reveals Best Time to Sell Bitcoin
Crypto market analyst Merlijn The Trader did this warned that Bitcoin could be approaching a major turning point, spurring traders to do so consider selling their coins to maximize returns. In a post on another sharp correctionwith a possible downside target near the $33,000 level, one of its lower cycle projections.
Related reading
The analyst warns traders to “sell and get out in May,” arguing Bitcoin could strike a fresh cycling top in May this year, followed by a potential decline that could lead to losses for many bulls who fail to exit the market early enough. He pointed to a repeating Bitcoin cycle pattern that has historically aligned with the major market tops around May in mid-cycle years.
Merlijn The Trader shares a price chart and outlines BTC price movements from 2014 to present. He noted that during the 2014 Bitcoin cycle, the market peaked in May before falling about 61%. In 2018, a similar peak in May preceded a massive price crash of around 65%. Moreover, the same structure repeated itself in 2022, with Bitcoin peaking in May, ultimately leading to a 66% market recession.
Throughout these three cycles, the timing of the peaks has remained eerily consistent, with May acting as a crucial turning point before a sustained downward move. In particular, Merlijn The Trader believes that the current market cycle is once again following these historical trends.
Based on the recurring structure, the analyst estimates a possible decline of around 60.73% after Bitcoin reaches a potential market top in May. Of BTC is currently trading above $78,000such a staggering drop would bring the price close to $33,000.
Analyst Outlines Bull and Bear Scenarios for Bitcoin
In a separate analysis, says crypto expert Ted Pillows predicts two potential short-term scenarios for Bitcoin as its price hovers around $78,000. The analyst explained that because the $75,000 level has acted as strong support for Bitcoin in recent weeks, according to him the cryptocurrency could be preparing for another big rally.
Pillows noted that Bitcoin is now approaching the critical resistance zone around $78,000 to $80,000. He said this zone is where the real test will begin. According to the analyst, if Bitcoin can safely regain and maintain this range, the next step could be a jump to fill the range The hole in the Chicago Mercantile Exchange (CME). almost $86,000.
The chart also shows this clearly and depicts BTC’s expected path towards this higher CME gap. Once the price approaches $86,000, Pillows predicts a sharp decline to the previous $80,000.
Related reading
For his bearish prediction, the analyst noted that if Bitcoin is rejected around the $78,000 to $80,000 resistance, it could trigger a bigger correction, potentially pushing the price towards the $70,000 level before another rebound takes place. A further decline in this area could also lead to a steeper drop to $66,318.
Featured image from Unsplash, chart from TradingView