'We may see another 5-6 months of downward or sideways price movement of bitcoin,' Grayscale explained. $BTC crypto cryptocurrency
Grayscale: Bitcoin Could See Another 5-6 Months of Downward or Sideways Price Movement
The digital asset manager explained: “While methods vary for identifying crypto market cycles, we can quantitatively define a cycle by when the realized price moves below the market price , using bitcoin prices as a proxy.”“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,” Grayscale described.
In addition, the report notes that crypto market cycles have been taking about 180 days longer to peak each time.“From peak-to-trough, the 2012 and 2016 cycles lasted approximately 4 years, or 1,290 and 1,257 days respectively, and took 391 days to fall 73% in 2012, and 364 days to fall 84% in 2016,” Grayscale said.
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