Bitcoin (
BTC
) could experience further decline in the near future, but the majority of the bear market is likely already behind it, according to on-chain analyst Philip Swift. Swift, co-founder of trading suite Decentrader, believes that despite the current price pressure, Bitcoin is approaching the end of its latest macro downtrend. In an interview with Cointelegraph, Swift discussed various on-chain metrics that suggest a potential BTC bottom. He highlighted the peak percentage of long-term holders, indicating a restricted supply in the market that could lead to price increases when demand returns. Swift also noted the RHODL Ratio, which shows that the recent cost basis of Bitcoin purchases is significantly lower than during the previous euphoric market cycle. He compared the current bear market to the 2018/19 bear market and expressed confidence that Bitcoin will benefit from a rush towards private “hard” assets driven by a lack of confidence in governments and their currencies. Swift recommended keeping an eye on metrics such as the MVRV Z-Score and the Puell Multiple to spot the bottom of the market. He agreed with fellow analyst Filbfilb’s prediction that BTC will reverse course in Q1 2023 and expects Bitcoin to outperform in the coming year. Finally, Swift expressed bullishness on Ethereum’s long-term prospects, stating that it is set up for success as a critical component of Web3. In terms of the best jurisdiction for a Bitcoin/crypto trader, he suggested low-tax and crypto-friendly locations such as Singapore or Bali.
Interview with BTC analyst Philip Swift predicts Bitcoin bear market to endure for a maximum duration of '2-3 months'.