The last Bitcoin halving cycle was in 2020, so the next one is around the corner in 2024 and it is bearing on the long-term valuation of the lead cryptocurrency is a matter of hot debate. After it spectacularly failed to touch the much-anticipated milestone of $100,000 for 2021, it is a matter of concern for specialists that the next 6 to 12 months portends to be rocky.
Bitcoin has slid under $40,000, the rate at which it is currently trading now. Multiple technical pointers indicate a further decline than a rise to the $40K-$45K level.
Crypto analyst ‘Wolves of Crypto’ has given an outline of the halving cycle on his anonymous Twitter account, stressing that the expected bear market floor for BTC will happen between November and December this year.
This prediction accepts that the $68,789 peak price of Bitcoin BTC has been achieved in this halving cycle and the cryptocurrency market is at present in its corrective stage following the cycle top.
Experts Predict That Time Tested Methods Indicate Bitcoin Bottoming Out At $24K
The 200-week Simple Moving Average has been a time-tested bottom for Bitcoin and that will very likely be at $24K. And if this prediction holds, Bitcoin prices will move north of the previous record high in August-September, 2023.
Independent expert Willy Woo also indicated that the Bitcoin could bottom by the end of 2022, mentioning that he considered the Orange currency a bit undervalued.
Generally, the price of BTC appears to be staying within the regular cycle of 4 years, though the gain has been smaller in this cycle than was earlier projected by experts.
Several analysts believe that BTC is in a range of optimal accumulation. This point was touched upon by Philip Swift, a market analyst. He said that the AASI indicated that Bitcoin was at present in a buy range. He said it was back in the green zone and was at a sensible level.