Bitcoin is closer to a critical buy zone, but not all analysts agree

As Bitcoin threatens to push for lower prices, some of the most prominent analysts in the industry believe that it is getting closer to a zone that poses high levels of demand.

Based on the 2-year moving average multiplier indicator, Swift believes that there are five stages in every Bitcoin market cycle.

The first one occurs when Bitcoin moves below the 2-year MA, which is considered the "Accumulation" phase.

On the fourth stage, BTC moves in an upward direction more "Aggressively" and is considered as the "Second stage of growth." Finally, Bitcoin goes through an "Overbought blow-off top" stage where its market value is considered overpriced as it trades above the "2-year MA x5."

"Buying Bitcoin when the price drops below the 2-year MA has historically generated outsized returns. [Meanwhile,] selling Bitcoin when the price goes above the 2-year MA x5 has been historically effective for taking profit."

At the moment, Swift believes that Bitcoin is on the "Breakout" stage of its market cycle.

DaveTheWave, a well-known technical analyst in the crypto community, said that Bitcoin could be bottoming soon based on a fractal related to the bull market of 2017.

Despite the positive views of these analysts, Tone Vays, former VP at JP Morgan, ensured in his latest analysis that Bitcoin was bound for a further downward movement.

The opposing views that the renowned analysts previously mentioned have about the future price of Bitcoin reflect what most investors are thinking about the current state of the market.

"$250,000 means that Bitcoin would then have about a 5% market share of the currency world and I think that maybe understating the power of Bitcoin.