Crypto analyst Pure has indicated that the blood moon could be having an impact on the trajectory of the Bitcoin price. The analyst drew attention to historical trends, suggesting this might be the case and that a rally above $100,000 may be on the cards.
A Bitcoin Price Rally Above $100,000 May Be On The Cards
In an X post, Pure drew attention to a potential correlation between the Blood Moons over the last 12 years and the Bitcoin price action. Based on this, the analyst’s chart suggested that BTC could still rally above $100,000 soon enough, potentially reaching the current all-time high (ATH) of $126,000. The chart also showed that there had typically been at least three Blood Moons in each of the past three BTC cycles.
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The third Blood Moon in each of those past cycles had notably marked a bottom for the Bitcoin price, with the leading crypto reaching new highs afterward. Now, a third Blood Moon is set to occur in this cycle after the ones that occurred on March 14 and September 7 last year. As such, there is the possibility that BTC could bottom again if history were to repeat itself.
Pure also noted that the next Blood Moon after tomorrow will occur after three years, indicating that it is the Blood Moon that could mark the bottom since none other is going to happen in this cycle. The analyst also admitted that this could mean that the max pain is about to end with a potential bullish reversal on the horizon for the Bitcoin price.
BTC Still In A Bear Market Regardless Of A Relief Bounce
Market expert Benjamin Cowen reiterated that BTC is still in a bear market, though a relief bounce may be on the cards amid U.S.-Iran tensions. In an X post, Cowen noted that risk assets often sell off, then bounce as major conflicts begin. If a rally for the Bitcoin price occurs, the expert noted that it will likely result in a lower high in March, just like it did in 2022.
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Cowen also noted that bear markets tend to take a while to play out. His accompanying chart showed that the Bitcoin price bounced after the war between Russia and Ukraine began in 2022, but formed a lower high, leading to a deeper long-term decline before it bottomed. Notably, BTC bottomed year-end 2022 back then, which also coincides with Cowen’s prediction that BTC may bottom in the fourth quarter of this year.
At the time of writing, the Bitcoin price is trading at around $66,600, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com