 ▲ Bitcoin (BTC), Bull Market (Bull) vs Bear Market (Bear) / ChatGPT-generated image |
Bitcoin (BTC) has entered what analysts describe as a full-fledged bottoming phase after completing a 23-month cycle that has never failed in any previous bear market.
According to crypto media outlet NewsBTC on March 9 (local time), digital asset analyst Coinvo stated that an analysis of Bitcoin’s monthly chart shows the cryptocurrency has now reached exactly 23 months since its all-time high. Historically, Bitcoin has formed a bear market bottom precisely 23 months after hitting its peak and subsequently begun a new bullish rally, with this pattern repeating without a single exception. Although Bitcoin is currently facing price pressure due to escalating military tensions between the United States and Iran, technical indicators are said to be flashing strong buy signals.
Coinvo predicts that once Bitcoin moves through this bottoming phase, it could experience an explosive expansion toward $150,000, easily surpassing the previous all-time high of $126,000 recorded last October. He also highlighted that Bitcoin’s current trajectory mirrors the bullish pattern seen in the gold market during the 1970s. While international oil prices have recently surged to $115 per barrel, fueling inflation concerns, he added that historical precedents suggest rising oil prices could potentially act as a positive catalyst for Bitcoin.
In contrast, prominent crypto analyst Willy Woo has described the current market situation as a bull trap, maintaining a cautious stance that a definitive bottom has yet to be confirmed. From a long-term liquidity perspective, Woo argues that Bitcoin remains in the midst of a bear market and requires further consolidation and resistance testing following the recent sharp decline. However, he acknowledged a high probability of a technical rebound toward the mid-$80,000 range, which represents the average entry price for short-term investors.
Indeed, steady capital inflows since mid-February are being interpreted as a positive signal. Analysts suggest that if volatility in the stock market subsides, renewed risk appetite could drive Bitcoin to attempt a rally back toward the $80,000 level. As of now, Bitcoin is trading at around $67,800 on CoinMarketCap, maintaining a modest gain over the past 24 hours.
Ultimately, the Bitcoin market stands at an inflection point where the completion of the historic 23-month cycle collides with macroeconomic uncertainty. Investors are closely watching whether this marks the beginning of a new upward cycle toward $150,000 or the continuation of an additional bottoming process. Experts advise paying attention to the reliability of historical patterns while implementing risk management strategies to prepare for short-term volatility.
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