Bitcoin may hit $14K in 2022 but buying BTC now ‘as good as it gets:’ Analyst

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Bitcoin may hit $14K in 2022 but buying BTC now ‘as good as it gets:’ Analyst
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Bitcoin (BTC) is facing a “cycle bottom” this year and could drop more than 50% from current levels, the study said.

In a June 1 Twitter post, Venturefounder, a contributor to on-chain analytics platform CryptoQuant, predicted that 2022 would be the year of Bitcoin’s “capitulation.”

Bitcoin now has ‘best 3-year ROI ever’

Based on historical patterns involving Bitcoin’s halving cycle, this year should be the bearish black sheep of the current four-year cycle, the Venturefounder wrote.

Just like 2018 and its bear market, BTC/USD should find its own macro bottom sometime in 2022, which could be between $14,000 and $21,000 if previous declines are counted from all-time highs.

Binance

“With 670 days until the next Bitcoin halving, we are on time for BTC performance compared to past cycles,” one tweet explained:

“In the next 670 days, BTC will capitulate and hit a cycle bottom ($14-21,000) in the next 6 months, then drop to $28-40,000 for most of 2023, and in the next Around $40,000 again at the halving.”

Such predictions, while not the music of the bulls, are not without precedent. After reaching $3,100 in December 2018, Bitcoin managed to recover to $13,800 seven months later before falling back again to the March 2020 low of $3,600.

Even the local high in 2019 was not enough to surpass the all-time high of $20,000 set in December 2017.

The Venturefounder believes that this level could once again be a feature of the spot price chart. Those who are willing to ride the waves and invest – even now – will still be on the right side of history.

“In other words, the best time to buy bitcoin between now and the next 6-12 months. Probably the best 3-year % ROI ever,” he added:

“We may not be at the cycle bottom, but we are in the range of the BTC cycle bottom. It’s the best thing you can do when timing a market cycle.”

Bottom forecast keeps coming

Meanwhile, others have estimated a possible bottom range at or near $14,000.

Related: ‘Super Bullish Signal’ or ‘Real Crash?’ 5 Things You Need to Know About Bitcoin This Week

The price would be down about 80% from its current all-time high of $69,000, corresponding to the previous cycle’s percentage low.

Data from on-chain analytics firm Glassnode shows that the current level of around $31,000 is relatively modest due to a pullback.

BTC/USD retreated from the all-time high chart. Source: Glassnode

Last month, analyst Rekt Capital calculated a potential price target of $15,500 once BTC/USD breaks below the 200-week moving average.

Sellers may face difficulties pushing the market lower. MicroStrategy, which has the largest BTC company funds, has committed to buy any cascade at $20,000.

Arthur Hayes, the former CEO of trading giant BitMEX, also confirmed that he would be interested in BTC at $20,000.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.



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