Bitcoin Btc Could Rally After 8 Months According To Katie Stockton

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Bitcoin Btc Could Rally After 8 Months According To Katie Stockton

Bitcoin (BTC) Could Rally After 7-8 Months, According To Katie Stockton

The year 2021 was the start of the downturn in all cryptocurrencies, including Bitcoin, Ethereum, and others. We are now approaching the end of 2022, and there is still no technical sign that the downtrend could end any time soon.

But according to Katie Stockton from Fairlead Strategies, a bottom in the Bitcoin (BTC) is around 7 to 8 months away. The reason behind this analysis is a negative shift in the Bitcoin (BTC) price momentum for the short as well as long-term timeframes.

Recently, Bitcoin has also failed to touch its 50 SMA (daily) once again, located near $17400. As a result of this, Bitcoin (BTC) has further retreated and was last seen trading around the $16883 price level.

Bitcoin (BTC) Will Drop Before Staging A Rally

The momentum in Bitcoin (BTC) for the short term is negative, which tells us that more downside is ahead for the cryptocurrency. In fact, Katie Stockton believes that a retest of the $15600 (low of November) is highly likely in the next few weeks.

As far as the next 7 to 8 months are concerned, Bitcoin (BTC) is expected to continue falling and may even close below its November lows. If this happens, Bitcoin (BTC) will end up losing 18% of its value from the current levels.

And if we look at the long-term momentum of Bitcoin (BTC), it is still negative, which could take it to test the $13900 support level.

For many crypto investors, a fall in Bitcoin (BTC) like this wouldn't be a big surprise at all. After all, it's been almost 2 years since Bitcoin (BTC) is still in a bearish cycle. Let's not forget that many big crypto firms have also gone under, such as 3 Arrows Capital, FTX, and even the fall of Luna stablecoin.

There is a general state of distrust in the crypto industry, and it will take some time to recover. In addition, there is also a chance that we may see more regulation of cryptocurrencies by the US Congress.

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