Analyst: BTC mirrors 2022 bear market, reversal will take time

Alex Kuptsikevich, a senior market analyst at FxPro, noted that the current Bitcoin (BTC) market situation resembles mid-2022, suggesting a full trend reversal could take several months, CoinDesk reported. He highlighted that BTC is trading near its 200-week Simple Moving Average (SMA), a level that has historically served as a battleground for bulls and bears at major cycle turning points. With the market sentiment index having plummeted to eight, Kuptsikevich drew a parallel to 2022, when downward momentum slowed but a definitive upward trend took months to materialize.