BTC analyst Philip Swift predicts Bitcoin bear market will persist for a maximum of 2-3 months, according to an insightful interview.

Bitcoin (BTC) may face further challenges in the near future, but the majority of the bear market is likely already behind it, according to Philip Swift, a well-known on-chain analyst. Swift, who co-founded trading suite Decentrader, believes that despite the current price pressure, Bitcoin is nearing the end of its macro downtrend. In an interview with Cointelegraph, Swift shared insights into the data that analysts should pay attention to. He highlighted metrics such as HODL Waves and RHODL Ratio, which indicate that Bitcoin may be reaching a bottom. The percentage of long-term holders is peaking, restricting available supply in the market. Additionally, the RHODL Ratio is showing that recent Bitcoin purchases have a lower cost basis compared to previous years, suggesting a market reset. Swift also noted that the current bear market is similar to the one in 2018/19, and that committed crypto enthusiasts will benefit the most in the next bull run. He added that the macro context is different now, with a lack of confidence in governments and their currencies potentially driving a rush towards private “hard” assets like Bitcoin. Swift recommended keeping an eye on key on-chain metrics such as the MVRV Z-Score and the Puell Multiple to spot the bottom. He agreed with fellow analyst Filbfilb’s prediction that BTC will reverse course in Q1 2023. Swift expects a narrative shift that will benefit Bitcoin next year, as market participants realize that the most risk lies with governments. He expressed optimism about Ethereum’s long-term prospects, considering its role in Web3, and suggested that Singapore is a favorable jurisdiction for Bitcoin/crypto traders. Swift advised against quitting crypto near the bottom of the bear market and emphasized the importance of patience and emotional management.