Some analysts say that Bitcoin’s current price action aligns with the Bitcoin halving model, leading them to expect a $24000 bottom before year-end.
The topic of Bitcoin’s four-year halving cycle and its effects on BTC’s long-term price is one that has been highly debated within the crypto community.
Crypto analysts predicted that the price of Bitcoin would reach $100,000 by 2021. However, it did not get to this level, and now analysts wonder what will happen in the next six to twelve months.
At the moment, the price of BTC is below $40,000. Many technical analysis metrics suggest that it is more likely that the price will go down further than it will recover to the $40,000 to $45,000 range. Let’s look at what analysts think about Bitcoin’s long-term prospects.
Bitcoin Could Tumble To $24,000 By The Year-End
Crypto analyst and pseudonymous Twitter user “Wolves of Crypto” discussed the four-year cycle theory on Twitter. This theory suggests that the “most probable bear market bottom for Bitcoin will take place in November/December 2022.”
As per the projection, Bitcoin marked its highest of the last cycle by reaching $68,789 on November 10, 2021. So now, the BTC market is in the corrective phase, usually seen after the cycle top.
The analyst said;
The 200–week SMA has been the long-tested bear market bottom indicator for Bitcoin, and hence, the bottom will…