Analyst suggests that the low point of Bitcoin could be $ 50,000, provided that BTC exceeds 200,000 in this cycle - updated market
Analyst suggests that the low point of Bitcoin could be $ 50,000, provided that BTC exceeds 200,000 in this cycle - updated market
The Bitcoin Prize in October showed signs of a double bubble, similar to the bull run in 2013, and speculators tried to guess the leading crypto asset. On October 20, the cryptocurrency market analyst Justin Bennett discussed the possible price limit of Bitcoin after it has reached the top. Bennett suggests that the end of this cycle could be between $ 207,000 and $ 270,000. Assuming that Bitcoin crosses $ 200,000 per coin, Bennett believes that the low point of digital assets will be around $ 50,000 after a decline.
"2013 vibes", "End-of-cycle goals" and the search for the difficult to grasp floor
The price of Bitcoin (BTC) on October 20, 2021 reached an all -time high (ATH) with 67,017 and has since lost around 8 % in value. On the same day, the cryptocurrency market analyst Justin Bennett published some insights into the future of Bitcoin in A Blog entry named "Charting of the next five years from Bitcoin".
The analyst of cryptocademy, bennett, discusses btc ’s marketfundamental data and it also offers a prediction of the end of the end Cycle. Lately many Bitcoin supporters have been suspected that a 2013 and double bladder is on the horizon and the notorious Stock-to-Flow-Finder Plan B On Saturday that he feels "2013 vibes".
The blog post-written blog post deals with Bitcoin bull cycles and talks about where Bitcoin ( btc ) will run in the next five years. "A look at the 2,272 and 2.414 Fibonacci extensions from the last two cycles shows a target area that has been achieved both times," writes Bennett.
"If we apply the same area to the current rant, we will get a goal for Bitcoin at the end of the cycle between $ 207,000 and $ 270,000," adds the analyst. After the outlook on the end of the cycle, Bennett explains that the last three bear markets followed on the housesee cycles "created corrections of 94 %, 87 % or 84 %".
Bennett writes that the previous data also show that each bear market was less painful than the previous one. The analyst emphasizes that this data indicates that the leading crypto-asset bitcoin ( btc ) Market ”.
like btc further matures, emphasizes Bennett, becomes Bitcoin "Probably decreasing returns and bear market corrections". The cryptocademy analyst believes that this end cycle will not be different. "As such, I would expect the next bear market between 75 and 80 % to go back from the maximum," explains Bennett. The analyst's blog post for the digital currency market adds:
If we assume that Bitcoin will reach more than 200,000 in this cycle and fall back between 75% and 80% during the next Baisse, this would bring the next cycle to around $ 50,000. And that makes absolutely sense. $ 50,000 is a psychological number, and it is very close to the highest level of $ 65,000, which recently lasted for six months.
prediction of the lowest low
Bennett's prediction follows the latest Bitcoin price model from Will Clemente. The lead insights analyst at Blockware Solutions, Will Clemente, tweeted via A New Bitcoin price model in mid-September referred to as "Illiquid Supply Floor". "We present: 'Illiquid Supply Floor'," tweeted Clemente on September 15th. "This combines the illiquid delivery data from Glassnode with the traditional S2F model from Plan B and creates a price limit based on the real-time shortage of Bitcoin. Currently $ 39,000," he added at the time.
There were a number of people Describe and even "Bitcoin will eventually correspond to one million dollars". The latest statements by Bennett and Clemente touch the low of Bitcoin and the deepest low. Both predictions together indicate that the lowest of the deep stalls after the high of this bull cycle could be somewhere between $ 39,000 and 50,000.
What do you think of Justin Bennett's blog post, who indicates that the Bitcoin floor will be around $ 50,000 per unit? Let us know your opinion on this topic in the comments below.
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