Crypto analyst Pure has indicated that the blood moon could influence the trajectory of the Bitcoin price. Drawing attention to historical trends, the analyst suggested this could be the case and a rally above $100,000 could be on the cards.
A Bitcoin price rally of over $100,000 could be in the offing
In one X messagePure drew attention to a possible correlation between the Blood Moons of the past 12 years and Bitcoin price action. Based on this, the analyst’s chart suggested that BTC could still rise above $100,000 soon enough, potentially reaching the current all-time high (ATH) of $126,000. The map also showed that there had typically been at least three Blood Moons in each of the past three BTC cycles.
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Notably, the third Blood Moon in each of those past cycles had marked a bottom for the Bitcoin price, with the leading crypto hitting new highs afterward. Now there will be a third Blood Moon in this cycle, after those of March 14 and September 7 last year. As such, there is a possibility that BTC could fall again if history were to repeat itself.
Pure also noted that the next Blood Moon will occur after tomorrow in three years, indicating that it is the Blood Moon that could mark the bottom, as no other will happen in this cycle. The analyst also admitted that this could mean that the maximum pain is about to end with a potential bullish reversal on the horizon for the Bitcoin price.
BTC is still in a bear market despite some relief
Market expert Benjamin Cowen reiterated that BTC is still active a bear marketalthough there may be some relief due to US-Iran tensions. In one X messageCowen noted that risky assets often sell out and then rebound when major conflicts erupt. If a rally for the Bitcoin price occurs, the expert noted that it will likely result in a lower peak in March, just like in 2022.
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Cowen also noted that bear markets may take some time to materialize. His accompanying chart showed the Bitcoin price bouncing afterward war between Russia and Ukraine started in 2022 but formed a lower high, leading to a deeper long-term decline before bottoming out. It is notable that BTC at the time bottomed at the end of 2022, which also coincides with Cowen’s prediction that BTC may bottom in the fourth quarter of this year.
At the time of writing, the Bitcoin price is trading around $66,600, down in the past 24 hours. facts from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com