Bitcoin (BTC) price is expected to hit a “cycle bottom” this year, with a decline of nearly 50% from present levels, according to research.
On June 1, there was a prediction from Venturefounder, a contributor at on-chain analytics platform CryptoQuant, that Bitcoin will “capitulate” around 2022 in a Twitter conversation.
The year 2022 looks like bearish black sheep, according to historical trends regarding Bitcoin’s halving cycles, Venturefounder stated.
BTC/USD should find a macro floor in 2022, similar to 2018 and its bear market. Based on prior falls from all-time highs, this may be from between $14,000 to $21,000.
“We are still on time to BTC performance compared to previous cycles with 670 days till the next Bitcoin halving,” one tweet explained:
BTC will succumb in the next 670 days and strike the bottom ($14-21k), then bounce around in the $28-40k range for the rest of 2023, and be back at $40k by the next halving.
While such a prediction would not be pleasing to bulls’ ears, it would not be unusual. Bitcoin price recovered from its December 2018 low of $3,100 to $13,800 seven months before reverting backwards again to bottom around $3,600 in March 2020.
Indeed the 2019 local peak was unable to surpass the previous high of $20,000 achieved in December 2017.
That level, according to Venturefounder, might reappear on the spot price chart. Even now, those who are able to start the tide and invest will be on the correct track.
“On the contrary, purchasing Bitcoin within the next 6-12 months is close to perfect.” He went on to say, “Probably the finest 3-year percent ROI ever.”
Bitcoin Price Forecast Foresee Bottom
Others, though, have pegged the possible bottom area around $14,000 or close to it.
That would be a loss of nearly 80% from the current all-time high of $69,000, which corresponds to the preceding cycle’s bottom in percentage terms.
According to Glassnode data, an on-chain analytics firm, current levels around $31,000 indicate a rather small decline.
Rekt Capital, a crypto analyst, projected a possible objective of $15,500 if BTC/USD falls less than its 200-week moving average last month.
Traders may find it tough to push the economy that low. MicroStrategy, which controls the biggest BTC assets, recently stated that it will buy into any BTC cascade approaching the $20,000 threshold.
Former CEO of trading company BitMEX, Arthur Hayes, has also stated that he’ll be investing in BTC at a price of $20,000.