- Analysts believe that the entire cryptocurrency market is oversold across all major timelines.
- Bitcoin and altcoins may have bottomed out, and recovery could take a relatively long time.
- Experts anticipate rejection of Bitcoin price reversal attempts and retest of lows against the previous 60 hour high.
Analysts have evaluated the Bitcoin price trend and revealed that a rejection of the asset’s reversal attempts could imply that it has bottomed out. Bitcoin may have hit bottom and entered a 96-day bull cycle.
Analysts predict that Bitcoin could enter a new bull cycle
Analysts believe that Bitcoin’s trend could be predicted through time cycles by moving away from price action. The entire cryptocurrency market recently suffered a bloodbath. Experts believe that cryptocurrencies in the top 20 are oversold across all major timeframes.
A V-shaped recovery may be unlikely in the short term. However, traders are awaiting a spot reversal after current market conditions. Analysts at Trading Room, a social learning platform, believe that cryptocurrencies that were trending up before the bloodbath could recover 50-150% on relief rallies.
Oversold Conditions
The entire market is oversold across all major timeframes. That doesn’t mean we will do a V shape recovery
At best we will get 23.6 / 38.2 FIB bounce for some of the major coins and potential 61.8 / 78.6 for trending coins from past few weeks
Thread
— Trading Room (@tradingroomapp) January 22, 2022
