Analyst Suggests Bitcoin’s Bottom Could Be $50K Assuming BTC Surpasses $200K This Cycle

Analyst Suggests Bitcoin's Bottom Could Be $50K Assuming BTC Surpasses $200K This Cycle

The price of bitcoin in October has shown signs of a double-bubble similar to the bull run in 2013, and speculators have been trying to guess the leading crypto assets top. On October 20, cryptocurrency market analyst Justin Bennett discussed bitcoins possible price floor after it reaches the top. Bennett suggests the end of this cycle could be between $207,000 in $270,000. Assuming bitcoin crosses $200K per coin, Bennett thinks the digital assets bottom after an 80% pullback will be around $50K.

‘2013 Vibes,’ ‘End-of-Cycle Targets,’ and Searching for the Elusive Bottom

The price of bitcoin (BTC) reached an all-time high (ATH) pri $67,017 oktobra 20, 2021, and since then the price has shed around 8% in value. On that same day, cryptocurrency market analyst Justin Bennett published some insights about bitcoins future in a blog objava klical “Charting Bitcoins Next Five Years.

Cryptocademys analyst Bennett discusses BTCs market fundamentals and he offers a prediction of the end of the cycle as well. V zadnjem času, many bitcoin supporters suspect that a 2013-like double bubble is on the horizon, and the infamous stock-to-flow creator Plan B pojasnil on Saturday that hes feeling “2013 vibes.

The blog post written by Bennett covers bitcoin bull cycles and talks about where bitcoin (BTC) is going over the next five years. “A look at the 2.272 in 2.414 Fibonacci extensions from the last two cycles shows a target area that was reached both times,” Bennett writes.

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If we apply that same area to the current rant, we get an end-of-cycle target for Bitcoin between $207,000 and $270,000,the analyst adds. Following the end cycle outlook, Bennett details that the last three bear markets that followed the bull cycles haveproduced corrections of 94%, 87%, in 84% respectively.

Bennett writes that the previous data also shows that each bear market was less painful than the one prior. The analyst highlights that this data indicates that the leading crypto asset bitcoin (BTC) is becoming amaturing market.

As BTC continues to mature, Bennett stresses, bitcoin islikely to see diminishing returns and bear market corrections.The Cryptocademy analyst believes this end cycle will be no different. “Kot tak, jaz’d expect the next bear market to pullback between 75% in 80% from the peak,” Bennett details. The digital currency market analysts blog post adds:

If we assume bitcoin reaches $200,000+ this cycle and pulls back between 75% in 80% during the next bear market, it would put the next cycle low somewhere around $50,000. And that makes perfect sense. $50,000 is a psychology number, and its very near the $65,000 high that lasted for six months recently.

Predicting the Lowest of Lows

Bennetts prediction follows the recent bitcoin price model crafted by Will Clemente. The lead insights analyst at Blockware Solutions, Will Clemente, tweeted about a new bitcoin price model called theIlliquid Supply Floorin mid-September. “Introducing: ‘Illiquid Supply Floor,’” Clemente tweeted on September 15. “This combines Glassnodes illiquid supply data with Plan Bs traditional S2F model, creating a price floor based on Bitcoins real-time scarcity. Currently $39K,” he added at the time.

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tam’s been a number of people attempting to call bitcoins price top in some even believe a singlebitcoin will eventually be equivalent to $1 million.Bennetts and Clementes recent statements touch upon bitcoins price bottom and the lowest of lows. Both of these predictions combined indicate that the lowest of lows following this bull cycles top could be anywhere between $39K to $50K.

What do you think about Justin Bennetts blog post that suggests bitcoins floor will be around $50K per unit? Sporočite nam, kaj mislite o tej temi v spodnjem oddelku za komentarje.