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Bitcoin must reach this price level to escape second-longest bear market

Bitcoin must reach this price level to escape second-longest bear market

As the FTX-induced carnage in the cryptocurrency industry persists, the price of Bitcoin (BTC) continues its downfall pattern after it lost the support at $15,800, leading crypto experts to try and discern what it would take for the flagship digital asset to turn the tide.

One of them is the crypto technical analyst Matthew Hyland, who sees $20,200 as the price at which Bitcoin could finally break out of the bear market, which he earlier noted was “its second longest,” as he explained in a video tweeted on November 22.

Hyland, who has been tweeting about the 3-day supertrend indicator since last January, argued that:

“It flipped red almost a year ago now, December 3, 2021, so we’ve almost spent the last year in this red supertrend. It’s basically covered 90%+ of the bear market. The only spot missed is the area in November [2022], so the price for this to flip green now comes in at $20.2k approximately.”

Bitcoin 3-day supertrend. Source: Matthew Hyland

Moving forward, he clarified that “this is because, whenever Bitcoin makes new lows, it lowers the price for this to flip green, so when we get back above that $20.2k level, this would actually flip green.”

The expert also referred to the 3-day moving average convergence divergence (MACD) indicator, for which he said “flipped earlier this week, about a week ago, and the last two times, it led to new bear market lows, and that happened once again – today we saw new bear market lows.”

Second-longest bear market

As Hyland reiterated:

“This is the longest bear market Bitcoin has been in since 2014. This is now longer than the 2018 bear market. The 2018 bear market only lasted a year to the day. This has been more than a year now.”

Meanwhile, the largest decentralized finance (DeFi) asset by market capitalization ($302.19 billion) is at press time changing hands at $15,727, down 2.27% on the day and 6.30% across the previous seven days, as per data retrieved by Finbold on November 22.

Bitcoin 7-day price chart. Source: Finbold

It is also worth noting that Bitcoin losing support at $15,800 means that the zone for longs now stands between $15,510 and $15,250, as pseudonymous crypto expert Moustache specified while the maiden crypto was still testing this level.

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