After setting a questionable record of nine consecutive red weekly closes, Bitcoin (BTC)bitcoin) is trying to make up for it by starting a price recovery to end the losing streak. Analysts have repeatedly said that investors should not be afraid of a bear market because it is one of those. The best time to invest in projects with strong fundamentals Prepare for the next bull market phase.

CryptoQuant CEO Ki Young Ju highlighted that Unspent Transaction Outputs (UTXOs) older than 6 months accounted for 62% of the realized cap, similar to levels seen during the March 2020 crash.Therefore, Ki says Bitcoin could be close to the bottom of the formation cycle.

Daily cryptocurrency market performance. resource: Coin 360

Bitcoin’s rally to $250,000 is hard to fathom in the current bearish environment, but billionaire investor Tim Draper remains bullish. Speaking on a May 24 YouTube show, Draper said that if more retailers start accepting bitcoin, women’s participation will increase as they shop with bitcoin.According to Draper, this could boost Bitcoin price above his $250,000 target.

Several analysts are calling for a bottom for Bitcoin, is now a good time to buy? Can the crypto market start to recover anytime soon? Let’s study the chart of the top 10 cryptocurrencies to find out.