The price of bitcoin (BTC) has been moving sideways for the second week in a row due to the persistence of two bearish caps and the lack of new lows being made by the price action itself.
Is now the ideal moment to deposit bitcoin, however, given all the price drops? The crypto analyst took to Twitter to note the historically ideal time to buy long-term BTC positions.
The timeframes, “12-15 months before the Bitcoin halving and 12-15 months after previous ATH, which is November 2022 – May 2023,” according to user MCP, are the best times to accumulate Bitcoin for the long run.
Furthermore, he gave a lower price target for bitcoin and said that it could reach the level of $12 to $14k. In terms of ETH, it has a minimum target of $480k, and for the ‘Ethereum killer’ Solana, it could even reach $12k.
“I will probably miss the bottom anyways if they hit those low targets and don’t expect to go that low tbh.. they would be short term wicks with very few getting to buy there. Then a large % of the portfolio will be taken out of the market 10-18 months after the Bitcoin halving,” he added.
Bitcoin in its worst year?
One of the worst years for cryptocurrency was 2022. Investors in cryptocurrencies saw a sharp drop in prices from record highs.
Yesterday, Bitcoin attempted to breach $20,000 once more, but, like earlier this week, it was halted and fell. While some gains are being made by the mid-cap cryptocurrencies, the majority of larger-cap altcoins are currently somewhat in the red.
While various tail risks are looming over the cryptocurrency market, the price of bitcoin is now trading somewhat as if traders are unsure what to do next.
The lack of follow-through on the upticks suggests that traders are not very confident in a rebound.
