Bitcoin Still has Dark Days Ahead: Grayscale Investments
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In the report, the investments firm explained: “The length, time to peak and trough, and recovery time to previous all-time highs in each market cycle may suggest that the current market may resemble previous cycles, which have resulted in the crypto industry continuing to innovate and push new highs.”
The report added: “Crypto market cycles, on average, last ~4 years or approximately 1,275 days.”
While most traders are familiar with the Bitcoin halving cycle and plot their market expectations from that, Grayscale revealed an overall crypto market cycle that falls into a recurring four-year trend.
Grayscale explained: “As of June 13, 2022, the realized price of bitcoin crossed below the market price signaling that we may officially have entered a bear market.” The firm further explained:
“We may see another ~250 days of high-value buying opportunities when compared to previous cycles.”
Additionally, the Grayscale report detailed that crypto market cycles have been taking roughly 180 days longer to reach peak each time.
Finally, grayscale explained: “Bitcoin is 222 days off the all-time high, which means we may see another 5-6 months of downward or sideways price movement.”
Key Bitcoin Levels to Watch — July 21
Despite recording notable declines over the past 48 hours, Bitcoin traders held on to the $23K round figure, putting $24K in the picture again. With no notable economic releases set for tomorrow and as we go into the weekend, we should expect some fiery bullish moves for the primary cryptocurrency in the coming days.
However, the bullish sentiment could be dissipated should BTC drop into the $21.7K – $20K range on a persistent correction.
Meanwhile, my resistance levels are at $24,000, $25,000, and $26,000, and my key support levels are at $22,000, $21,000, and $20,000.
Total Market Capitalization: $1.04 trillion
Bitcoin Market Capitalization: $439.6 billion
Bitcoin Dominance: 42%
Market Rank: #1
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