Key facts:
Bitcoin’s bearish cycle has about three months left, says “Trading Latino”.
For December there could be an increase in its price, but before that it could drop even more.
The bearish cycle of bitcoin (BTC) would have three months left and, after this period of time, its price will begin to rise. This is how market analyst Jaime Merino, known on social networks as Trading Latino, thinks, who expressed his vision to CriptoNoticias.
“The bearish period is about to end. Normally, in bitcoin the cycles are getting shorter and shorter, and this bearish cycle I think is about three months away », said this trader, who has 298,000 followers on his YouTube channel.
According to Merino’s strategy, during this cycle the possibility of buying “without fear” is marked. This means that, among the volatility that the price of the main cryptocurrency usually shows, “if someone is looking to catch the move lower, I think they can still grab it a couple of thousand dollars cheaper.”
What will happen from that moment, once the bearish period of the bitcoin price is over? “I would hope that by December we will be starting to rise again,” said the analyst during a talk with this medium within the framework of the Blockchain Summit Latam 2022 that took place in Panama City.
Beyond its bullish outlook for the end of the year, Trading Latino assured that the price of bitcoin in this bear market (“bear market” or bear market) has fallen more than he anticipated. “Bitcoin has never fallen below the high that we previously had. In 2017, its maximum was USD 20,000. I had never gone below that maximum until today », he described. At the time of writing this note, the CriptoNoticias price index indicates that the price of bitcoin is USD 20,072.
The price of bitcoin will depend on other macroeconomic factors
Both the current price of bitcoin and what happens in the future It has to do with other variables in the economy.says Trading Latino. “Bitcoin is going to move as the other markets move,” he assured, while expressing that both the regulated market and the decentralized market have their influence on this.
“Right now we have to be aware of what happens globally. We have a winter. Gold is falling, oil is up and other important news that will continue to be produced influences, said the analyst. Given this, “the first thing is to understand what bitcoin is.” “Whoever buys bitcoin has to know what it is in order to keep it, because it is a limited asset and, at some point, someone may try to accumulate a lot and leave those of us who are selling today out of fear without anything,” he explained. .
Finally, of course, the strength of the market of the main cryptocurrency also influences. For example, in December 2021, the price of USD 64,000 produced a “no buyers, market fatigue” that caused its price to fall. As this newspaper has reported, other market analysts also believe that the behavior of the market, more precisely the beginning of an accumulation phase, could determine the upward trend in the coming months.