Cryptocurrency analyst Tice pointed to a signal that predicted every Bitcoin bottom in each of them bear cycle. Based on this, the analyst suggested that the flagship cryptocurrency may form a bottom again when the price is likely to exceed the psychological level of $80,000.

The signal that predicted every Bitcoin bottom is leveling out again

In Post XTice said the signal that sent Bitcoin to an all-time low has triggered again. 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 followed by an explosion in prices. Now the same pattern may repeat itself BTC wants to form bottom.

Tice said risk has been repriced, leverage has been eliminated and sentiment has changed. He added that time equalization is a condition, not a confirmation. It is said that at this moment the timing, structure and location are aligned. He suggested that now would be a good time to do so invest in Bitcoin with the “window” open and that such asymmetric opportunities do not wait.

In another Post Xthe analyst reiterated that a Bitcoin bottom is forming. He referred to the median market value to realized value (MVRV), which he said hit the same signal as every major bottom in BTC history. Tice added that it was long-term bull market always occurred whenever this signal occurred, just as it does now.

Therefore, he noted that if history rhymes even slightly, a two-to-three-year BTC bull market may be on the horizon. He added that a bear market that seemed different on the way down will soon feel very familiar on the way up.

BTC is approaching make-or-break levels

Cryptocurrency analyst Colin stated that Bitcoin is approaching an engaging place on the chart, which is the intersection of two trend lines and one horizontal resistance level. Based on this, he gave it a 50% chance BTC forming a local peak around this intersection. However, if it breaks above the channel, the analyst predicts that it could move much higher and reach a local high near the $84,000-$86,000 zone.

Colin noted that this zone is where the most immediate and significant horizontal resistance from the previous consolidation range can be found. Meanwhile, the analyst does not believe that Bitcoin has returned to a bull market, even though the leading cryptocurrency has set novel highs since its February 6 low of around $60,000. BTC also clearly increased in value the American-Iranian war.

At the time of writing, Bitcoin is trading at around $79,900, up over 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Pixabay, chart from Tradingview.com