Bitcoin’s price has dropped 16 percent in the previous 30 days, and it has dropped more than 38 percent since reaching its all-time high (ATH) on November 10, 2021, when it topped $69K per unit. However, cryptocurrency enthusiasts are arguing vehemently of whether this is a cryptocurrency market correction or even that the speculative bubble is still going strong. Bitcoin’s current market cycle, according to many analysts, is not complete because no definite top has emerged, and investors yet anticipate another market to crash.
Bitcoins Investors Discuss Cycle Positioning, Trader Insists ‘Early February Will Be the Move’
Tops and bottoms, as well as the four phases of the business cycle, are important to many virtual currency investors. The acquisition period, upswing step, dispersion step, and decline or capitulation step are the phases. The collection phase began 666 days ago, on March 12, 2020, whenever the value of bitcoin fell below the $4K per unit threshold. On that day in March, the Globe Health Organization (WHO) declared the Covid-19 outbreak a “pandemic” and declared the world to be coping with it.
That same day, also known as ‘Black Thursday,’ global financial markets were stirred up, and the cryptocurrency industry lost billions in a couple of moments, but the rebound and consolidation stage of the crypto economy began the next day. As BTC eventually exceeded the $20K all-time high in 2017, the value of bitcoin (BTC) steadily increased and proceeded slowly towards the markup phase. For the first moment in decades, BTC’s price reached $40K on January 7, 2021. BTC’s price reached $66K for perhaps the first time in mid-May before slipping below that level shortly after.
On September 21, 2021, Bitcoin’s price fell below the $40K mark, prompting speculation that the price peak had not yet occurred.
They were accurate, as the price of bitcoin (BTC) achieved a lifetime high of $69K per piece on November 10, last year, just 50 days later. Still, proponents of cryptocurrency feel that the bull market is far from over and that another stratospheric surge might be on the way. The period between BTC’s halving cycles is used by most bitcoiners to calculate rounds.
The value of bitcoin usually climbs well before incentive halving due of its scarcity, and the next halving is scheduled on May 6, 2024, 850 days from now. That’s yet more than two months away, and many people feel the speculative bubble that took Bitcoin to $69K is still going strong.
Bitcoiners are still anticipating another double, similar to the one that occurred in 2013, in which the price rises beyond $69K and peaks higher. Bobby Axelrod, a cryptocurrency market analyst, believes that the next significant move will occur in early February.
Axelrod tweeted, “This next leg up, this next 60-day cycle begins.” “THE MOVE will take place in early February. The cycle top, in my opinion, should be where bitcoin’s price finishes at following the next move. At the very least, that’s how I’ll approach it.”
Bitcoin Supporters Predict a Price Rebound — ‘The Price Crash Indicates That the Upside Surge Is Coming Sooner’
Colin, the host of the Youtube series “Colin Talks Crypto,” believes that the market cycle has stretched. “Because of the bull run’s apparent longer cycle, I now believe we will witness a $300,000 price of bitcoin rather than a modest $100,000 bitcoin price,” the Vlogger said on January 5. Colin tweeted the same day:
“I’m glad the bitcoin price is plummeting—not because I want it to go down, but because it indicates the upswing will arrive sooner. ‘Let’s get this crash over with so we can move into more bullish terrain!’ it’s like.”
Many other cryptocurrency advocates share this sentiment. “Perfect location to bounce IMO,” commented the Twitter account “Wicked Smart Bitcoin.” Everyone who wished for $43k has been rekt, and now everyone who is short (expecting a break down to $40k) has been rekt. Choppity-choppity-choppity-choppity-choppity Do not trade or use leverage in any way. Simply purchase a seat, take control, and hold for a cycle or two. Allow hyperbitcoinization to have its course.”
‘The Puke at the Midpoint’
The @therationalroot Twitter account provided a graph of all the price of bitcoin cycles, as well as the all-time high (ATH) value levels documented within the loops. “So far, the 2021 cycle has given us 32 blue dots (ATH’s),” the proponent of bitcoin added.
“In the 2017 cycle, we had 72 and in the 2013 cycle, we had 52.” Let the 2022 fireworks begin.” Bob Loukas, a trader, entrepreneur, and investor, called the cycle a “midpoint puke.” Loukas explained:
“The bitcoin Cycle’s midway puke is on Day 31. The Cycle runs from May 23rd to July 20th, 2021. I’m not a fan of overlays and don’t swap them off, but the conditions are comparable. I believe the $40k mark has always been the most crucial. The date [early February] is far more crucial.”
The logarithmic growth curve of bitcoin currently contains 3 bull runs with dramatic heights, although the current phase appears to be unfinished and then almost uncertain.
The data illustrates that bitcoin’s price has only fallen underneath the yellow low development shown earlier in its existence, the most recent instance being on March 12, 2020. (Black Thursday). The conclusion of the chart, as well as the yellow low development line, show that BTC’s price will not fall below $25K if the electricity passage concept is maintained without deviation.
Many bitcoiners, even those with the most excellent technical analysis skills, are unsure where the price of bitcoin is going. People should wait until the market crash to buy altcoins, according to Tai Zen, a crypto trader, businessman, and CEO of the trading online platform cryptocurrency market.
Zen tweeted, “Bitcoin is on sale for around $50K (laser eye price).” “Buying coins in the middle of a bull market is not a good idea.” If you have extra cash and want to get into crypto, the only coin I’d buy is BTC [and] nothing else,” Zen added.
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