As the price of bitcoin continues to hover around $30000, a well-known cryptocurrency analyst said that this top cryptocurrency may have more downside space According to the analyst's history, the price of "Rager" may exceed 200000 followers in a few months.
"After 190 days of bitcoin's decline from an all-time high, it has taken 150 to 200 days to reach the bottom in the past few cycles," he wrote on twitter
He said that based on the bottom of the previous cycle, bitcoin "may fall for another six to eight months".
Rager pointed out that investors should focus on the 200 week moving average (MA), which is the key support during the bitcoin bear market in 2014 and 2018. He said that if bitcoin rebounded again, it would be a "good thing".
The cryptocurrency analyst reminded investors that the previous bitcoin bear market fell by about 84% from its high point. According to the latest historical high, the "price of bitcoin will be close to $11000" in this round of bear market.
Rager surveyed his fans and asked them if they thought bitcoin had entered a bear market. Nearly 80% thought so.