Analyst Suggests Bitcoin Bottom Could Be $50K Assuming BTC Breaks $200,000 This Cycle – Market Update Bitcoin News – News Couple

Analyst Suggests Bitcoin Bottom Could Be $50K Assuming BTC Breaks $200,000 This Cycle – Market Update Bitcoin News

Bitcoin price in October showed signs of a double bubble similar to the upward movement in 2013, as speculators were trying to guess the top of the leading crypto asset. On October 20, crypto market analyst Justin Bennett discussed the potential bottom line for the price of Bitcoin after it reaches a peak. Bennett suggests that the end of this cycle could range between $207,000 and $270,000. Assuming Bitcoin exceeds $200,000 per coin, Bennett believes that the digital asset’s bottom after an 80% decline will be around $50K.

“2013 sentiment”, “end-of-cycle goals”, the search for an elusive bottom

Bitcoin (BTC) price reached an all-time high (ATH) of $67,017 on October 20, 2021, and since then the price has fallen by about 8%. On the same day, crypto market analyst Justin Bennett published some thoughts on the future of bitcoin in a blog post titled Charting Bitcoin Next Five Years.

Cryptocademy analyst Bennett discusses the market fundamentals in BTC and also provides a prediction for the end of the cycle. Recently, many Bitcoin proponents believe that a double bubble similar to 2013 is looming, and that the infamous plan B stock creation scheme to explain On Saturday he is feeling “the feelings of 2013”.

The blog post by Bennett covers the Bitcoin bull cycles and talks about the direction of Bitcoin (BTC) over the next five years. “A look at the 2.272 and 2.414 Fibonacci extensions from the last two sessions shows the target area reached on both times,” Bennett wrote.

“If we apply the same area to the current rant, we will get the end-of-cycle target for bitcoin between $207,000 and $270,000,” the analyst adds. Following the end-of-cycle forecast, Bennett explained that the last three bear markets that followed the bullish cycles had “produced retracements of 94%, 87%, and 84%, respectively.”

Analyst notes that Bitcoin bottoming could reach $50K assuming BTC crosses $200,000 in this cycle
Graph from Justin Bennett’s blog post “Bitcoin’s Next Five Year Graph”.

Bennett writes that past data also shows that each bear market has been less painful than the last. The analyst highlights that this data indicates that the leading cryptocurrency Bitcoin (BTC) is becoming a “mature market.”

As BTC continues to grow, Bennett asserts, bitcoin will likely see diminishing returns and bear market corrections. A Cryptocademy analyst believes that this final cycle will be no different. “As such, I expect the next bear market to regress between 75% and 80% of the peak,” Bennett details. Crypto Market Analyst’s blog post adds:

Assuming Bitcoin hits $200,000+ this cycle and falls between 75% and 80% during the next bear market, it would put the next cycle lower somewhere around $50,000. This is completely logical. $50,000 is a psychology number, which is very close to the $65,000 level that has been holding for six months recently.

Expect lower lows

Bennett’s predictions follow the recent bitcoin price model formulated by Will Clemente. Lead analyst at Blockware Solutions, Will Clemente, tweeted about a new bitcoin price model called the “Ill Liquid Supply Floor” in mid-September. Rendering: “Illiquid Supply Floor,” Clemente tweeted on September 15 “This combines Glassnode’s illiquid supply data with the traditional S2F model of Plan B, creating a price floor based on real-time bitcoin scarcity.” Currently $39,000,” he added at the time.

There have been a number of people trying to name the highest price for bitcoin and some believe that “one bitcoin will eventually be worth a million dollars.” Bennett and Clemente’s recent comments touch on Bitcoin bottoms and lows. Taken together, all of these forecasts suggest that the lows following the top of the bullish cycle could range between $39,000 and $50K.

What do you think of Justin Bennett’s blog post stating that the bitcoin floor will be around $50k per unit? Tell us what you think about it in the comments section below.

Tags in this story

$39k $50k Bitcoin Analyst All Time Bitcoin Assuming Bitcoin ATH Bitcoin Bitcoin (BTC), Blockware Solutions, Bottom, Bottoms, BTC Price Bottom, BTC Top Price, Bull Cycle, Bull Market, Bubble Double, end of the cycle, illiquid supply floor, justin bennett, market bottom, models, plan b, price up, pullback, top, will clementi

photo credits: Shutterstock, Pixabay, Wikicommons

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