Crypto analyst Tice has pointed out a signal that has predicted every Bitcoin bottom in each bear cycle. Based on this, the analyst suggested that the flagship crypto could form a bottom again just as the price looks to break above the psychological level of $80,000.
The signal that predicted every Bitcoin bottom is realigning
In one X messageTice said the signal that has hit every Bitcoin bottom in history has been reactivated. He noted that in the 2014, 2018, and 2022 bear cycles, BTC was in a bear cycle for about 14 months before forming a bottom, resulting in a price explosion. Now this same pattern may be playing out again BTC wants to form a bottom.
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Tice stated that risk has been repriced, leverage has been removed and sentiment has been wiped out. He added that time coordination is a condition, not a confirmation. At this point, time, structure and positioning would all be aligned. He suggested this was a good time to do so investing in Bitcoin with the “window” open and that asymmetrical opportunities like this don’t wait.
In another X messagethe analyst reiterated that a Bitcoin bottom was forming. He was referring to the average market value to realized value (MVRV), which he noted has hit the same signal as every major bottom in BTC history. Tice added that it is a multi-year period bull market has always been followed when this signal appears, as now.
Therefore, he noted that if history rhymes even loosely, there may be two to three years of bull market ahead for BTC. He added that the bear market, which felt different on the way down, is about to feel very familiar on the way up.
BTC is approaching a make-or-break level
Crypto analyst Colin stated that Bitcoin is approaching an interesting spot on the chart, namely the intersection of two trend lines and one horizontal resistance level. Based on this he gave a 50% chance BTC forms a local top around this intersection. However, if the price breaks above the channel, the analyst predicts that the price could move much higher and reach a local top around $84,000 to $86,000.
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Colin noted that the zone is where the most immediate and significant horizontal resistance can be found from the previous consolidation series. Meanwhile, the analyst doesn’t believe Bitcoin is in a bull run again, despite the leading crypto reaching new highs since the February 6 low of around $60,000. BTC has also made a notable recovery the war between the US and Iran.
At the time of writing, the Bitcoin price is trading around $79,900, up more than 2% in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com