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April 29, 2022

Bitcoin halving research suggests a bottom of $24,000 before year end

One of the most hotly debated subjects in the crypto industry is the four-year halving cycle for Bitcoin (BTC) and its impact on the leading cryptocurrency’s long-term pricing.

After failing to reach the long-anticipated $100,000 milestone in 2021, many crypto specialists are now concerned about the prospects for the next six to twelve months.

BTC is currently trading below $40,000, and multiple technical indicators show that additional decline is more possible than a return to the $40,000 to $45,000 region. Let’s see what analysts have to say about Bitcoin’s long-term potential.

Crypto analyst and pseudonymous Twitter user “Wolves of Crypto” provided a general overview of the four-year cycle idea in a Twitter thread, claiming that “the most likely bear market bottom for Bitcoin will take place around November/December 2022.”

This forecast assumes that the peak BTC price of $68,789 on November 10, 2021 was the previous cycle’s high, and that the market is currently in the corrective period that follows a cycle top.

The 200–week SMA has been the long-tested bear market bottom indicator for Bitcoin, according to the analyst, and hence the bottom will most likely be located at $24,000.

If this model is correct, the price of Bitcoin will rise above its previous all-time high in August or September 2023.

Willy Woo, an independent market expert, hinted about the likelihood of a BTC bottom before the end of 2022 when he uploaded the chart below, claiming that the “Orange currency seems a tad undervalued here.”

In general, Bitcoin’s price looks to be following the previously established four-year cycle, albeit with a smaller percentage gain than projected.