While Bitcoin is at one point synonymous with the very concept of cryptocurrency, it has been recording a relatively poor market performance lately. It wouldn't be an exaggeration to say that Bitcoin is what most crypto dealers start their day.
Naturally, it played a big hand in giving the crypto industry the massive push it needed to enter the domain of public popularity. And despite that, BTC has recently shown a decreasing trend in its demand and performance in the global cryptocurrency market.
The Bitcoin Pi Cycle bottom indicator detects bitcoin prices to witness a vast price recovery in the very near future. Earlier, this Indicator also marked the 2015 and 2018 bear market bottoms for Bitcoin.
Typically, this Indicator compares a 471-day simple moving average, or SMA multiplied 0.745 times to a 150-period exponential moving average or EMA. This comparison reveals the market's bottom.
Previously, there have been two occasions when the 150-period EMA has been recorded as falling below the 471-day SMA~ namely, in the years 2015 and 2018. On both of these occasions, Bitcoin met with an end to its bear market.
This is only the third time in the history of Bitcoin that such a pattern is set to repeat. This week, as of July 12, the 150-period EMA is at $32,332, below the 471-day EMA of $32,208. The fact that this is only the third occurrence and second recurrence of such a scenario in Bitcoin's entire crypto market history proves that crypto enthusiasts are about to witness a relatively rare state of affairs.
The fact that this is happening at a point when Bitcoin is unsteadily holding to $20,000, after over 75% price correction from its $69,000 crescendo, is leading investors and enthusiasts to fear a bigger drop for Bitcoin. It does not help that the crypto market in itself has been facing a setback lately.
Moreover, Bitcoin and Ethereum prices have taken a deep dive as over 62K crypto traders liquidated recently.
However, any investment or trading decision involves a certain degree of risk. It is not yet too late for Bitcoin to make a price recovery to at least $30,000 if the given bottom fractal works out in a conducive direction.