Bitcoin hit a record high in the last month

Bitcoin has been showing great results over the past two days. The main cryptocurrency and the founder of blockchain technology added 7% in less than a day. On October 25 at 14:00 UTC +0, the price of bitcoin was $19,280 and in 22 hours the asset rose to $20,650.

Due to the fact that we are now in a bear market, we regard this growth as a local adjustment. Cryptocurrency can gradually rise to $21,000 in order to then make a rapid fall at the expense of traders who begin to believe in the so-called “to the moon”. Whales can manipulate the market in such a way that little by little and fix their income. In addition, they will continue to reduce the cost of the coin for its active further purchase at a lower price.

In the period from September 26 to October 26, the minimum value of the Bitcoin quote was $18,400. It was October 13 at 13:00 UTC +0. The total capitalization of the main cryptocurrency at that time was $352,000,000,000. In 13 days, it was increased by 4.8% and now the turnover of bitcoin is more than $396,000,000,000. As for the biggest increase in the last month, it is 12.2%.

It has been flat since September with a range between $20,300 and $18,400. What we could observe today can indeed be regarded as a local growth, however, as mentioned earlier, this growth will be short-term and soon bitcoin will start breaking new anti-records again.

When will the bear market end? Based on our analysis of the Bitcoin cycle, which lasts for 2.5-4 years, the end of the global downtrend can expect us in the next six months. Possibly November/December. This is the best time to buy bitcoin.