• Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
Newsletter
Crypto Hoarding
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
Crypto Hoarding
No Result
View All Result
Home Bitcoin

Analyst Suggests Bitcoin’s Bottom Could Be $50K Assuming BTC Surpasses $200K This Cycle – Market Updates Bitcoin News – Bitcoin News

Admin by Admin
October 23, 2021
in Bitcoin
0
Analyst Suggests Bitcoin’s Bottom Could Be $50K Assuming BTC Surpasses $200K This Cycle – Market Updates Bitcoin News – Bitcoin News
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin, Ethereum Technical Analysis: BTC Hovers Slightly Above $20000, as Crypto Volatility Continues – Market Updates Bitcoin News – Bitcoin News

Bitcoin, Ethereum Technical Analysis: BTC Hovers Slightly Above $20000, as Crypto Volatility Continues – Market Updates Bitcoin News – Bitcoin News

July 6, 2022
Bitcoin price approaches potential springboard to $23K as DXY cools surge – Cointelegraph

Bitcoin price approaches potential springboard to $23K as DXY cools surge – Cointelegraph

July 6, 2022
Analyst Suggests Bitcoin's Bottom Could Be $50K Assuming BTC Surpasses $200K This Cycle

The price of bitcoin in October has shown signs of a double-bubble similar to the bull run in 2013, and speculators have been trying to guess the leading crypto asset’s top. On October 20, cryptocurrency market analyst Justin Bennett discussed bitcoin’s possible price floor after it reaches the top. Bennett suggests the end of this cycle could be between $207,000 and $270,000. Assuming bitcoin crosses $200K per coin, Bennett thinks the digital asset’s bottom after an 80% pullback will be around $50K.

‘2013 Vibes,’ ‘End-of-Cycle Targets,’ and Searching for the Elusive Bottom

The price of bitcoin (BTC) reached an all-time high (ATH) at $67,017 on October 20, 2021, and since then the price has shed around 8% in value. On that same day, cryptocurrency market analyst Justin Bennett published some insights about bitcoin’s future in a blog post called “Charting Bitcoin’s Next Five Years.”

Cryptocademy’s analyst Bennett discusses BTC’s market fundamentals and he offers a prediction of the end of the cycle as well. In recent times, many bitcoin supporters suspect that a 2013-like double bubble is on the horizon, and the infamous stock-to-flow creator Plan B explained on Saturday that he’s feeling “2013 vibes.”

The blog post written by Bennett covers bitcoin bull cycles and talks about where bitcoin (BTC) is going over 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 was reached both times,” Bennett writes.

“If we apply that same area to the current rant, we get an end-of-cycle target for Bitcoin between $207,000 and $270,000,” the analyst adds. Following the end cycle outlook, Bennett details that the last three bear markets that followed the bull cycles have “produced corrections of 94%, 87%, and 84% respectively.”

Analyst Suggests Bitcoin's Bottom Could Be $50K Assuming BTC Surpasses $200K This Cycle
Chart from Justin Bennett’s blog post called “Charting Bitcoin’s Next Five Years.”

Bennett writes that the previous data also shows that each bear market was less painful than the one prior. The analyst highlights that this data indicates that the leading crypto asset bitcoin (BTC) is becoming a “maturing market.”

As BTC continues to mature, Bennett stresses, bitcoin is “likely to see diminishing returns and bear market corrections.” The Cryptocademy analyst believes this end cycle will be no different. “As such, I’d expect the next bear market to pullback between 75% and 80% from the peak,” Bennett details. The digital currency market analyst’s blog post adds:

If we assume bitcoin reaches $200,000+ this cycle and pulls back between 75% and 80% during the next bear market, it would put the next cycle low somewhere around $50,000. And that makes perfect sense. $50,000 is a psychology number, and it’s very near the $65,000 high that lasted for six months recently.

Predicting the Lowest of Lows

Bennett’s prediction follows the recent bitcoin price model crafted by Will Clemente. The lead insights analyst at Blockware Solutions, Will Clemente, tweeted about a new bitcoin price model called the “Illiquid Supply Floor” in mid-September. “Introducing: ‘Illiquid Supply Floor,’” Clemente tweeted on September 15. “This combines Glassnode’s illiquid supply data with Plan B’s traditional S2F model, creating a price floor based on Bitcoin’s real-time scarcity. Currently $39K,” he added at the time.

There’s been a number of people attempting to call bitcoin’s price top and some even believe a single “bitcoin will eventually be equivalent to $1 million.” Bennett’s and Clemente’s recent statements touch upon bitcoin’s price bottom and the lowest of lows. Both of these predictions combined indicate that the lowest of lows following this bull cycle’s top could be anywhere between $39K to $50K.

What do you think about Justin Bennett’s blog post that suggests bitcoin’s floor will be around $50K per unit? Let us know what you think about this subject in the comments section below.

Tags in this story
$39K, $50K, All time high, Analyst bitcoin, Assuming bitcoin, ATH, Bitcoin, Bitcoin (BTC), Blockware Solutions, bottom, bottoms, BTC Price Bottom, BTC Price Top, bull cycle, Bull Market, Double Bubble, End of Cycle, Illiquid Supply Floor, Justin Bennett, market bottom, models, Plan B, Price Top, Pullback, top, Will Clemente

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Share76Tweet47

Related Posts

Bitcoin, Ethereum Technical Analysis: BTC Hovers Slightly Above $20000, as Crypto Volatility Continues – Market Updates Bitcoin News – Bitcoin News

Bitcoin, Ethereum Technical Analysis: BTC Hovers Slightly Above $20000, as Crypto Volatility Continues – Market Updates Bitcoin News – Bitcoin News

by Admin
July 6, 2022
0

BTC was trading higher on hump day, as bullish momentum picked up as the week progressed. Prices once again tested...

Bitcoin price approaches potential springboard to $23K as DXY cools surge – Cointelegraph

Bitcoin price approaches potential springboard to $23K as DXY cools surge – Cointelegraph

by Admin
July 6, 2022
0

Bitcoin (BTC) approached the July 6 Wall Street open near $20,000 as a fresh battle between support and resistance loomed.BTC/USD...

Bitcoin exchange outflows surge as ‘not your keys, not your crypto’ comes back into fashion – Cointelegraph

Bitcoin exchange outflows surge as ‘not your keys, not your crypto’ comes back into fashion – Cointelegraph

by Admin
July 5, 2022
0

Bear markets in cryptocurrency are known to be painful, but the month of June was especially trying for the crypto...

Bitcoin prices slip, crypto winter’s latest victim, and the hype over Polygon – CNBC

Bitcoin prices slip, crypto winter’s latest victim, and the hype over Polygon – CNBC

by Admin
July 5, 2022
0

ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via EmailCNBC Crypto World features the latest news and...

Big crypto mining shop sells almost all its bitcoin – Axios

Big crypto mining shop sells almost all its bitcoin – Axios

by Admin
July 5, 2022
0

Core Scientific, among the largest publicly traded crypto mining operators in North America, sold almost all of its bitcoin holdings...

Load More
  • Trending
  • Comments
  • Latest
Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

April 21, 2021

SteveWillDoIt reveals hacker stole his crypto wallet: “I lost a lot of money” – Dexerto

July 26, 2021
Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

February 11, 2022
DOGE passes Uniswap and Litecoin to become 8th largest cryptocurrency by market cap – Cointelegraph

DOGE passes Uniswap and Litecoin to become 8th largest cryptocurrency by market cap – Cointelegraph

April 15, 2021
Are good times for Litecoin [LTC] too good to last for long – AMBCrypto News

Are good times for Litecoin [LTC] too good to last for long – AMBCrypto News

0

Rivals Ripple and R3 partner up | PaymentsSource – American Banker

0
Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

0

Litecoin Gets Bullish Speculation, at Last, as Upgrade Approaches – Coindesk

0
Are good times for Litecoin [LTC] too good to last for long – AMBCrypto News

Are good times for Litecoin [LTC] too good to last for long – AMBCrypto News

July 6, 2022
Ethereum just finished its second-to-last major ‘merge’ test and the main upgrade could be just months away – Fortune

Ethereum just finished its second-to-last major ‘merge’ test and the main upgrade could be just months away – Fortune

July 6, 2022
Bitcoin, Ethereum Technical Analysis: BTC Hovers Slightly Above $20000, as Crypto Volatility Continues – Market Updates Bitcoin News – Bitcoin News

Bitcoin, Ethereum Technical Analysis: BTC Hovers Slightly Above $20000, as Crypto Volatility Continues – Market Updates Bitcoin News – Bitcoin News

July 6, 2022
What if Ripple loses and XRP is deemed a security? – FinanceFeeds

What if Ripple loses and XRP is deemed a security? – FinanceFeeds

July 6, 2022
Crypto Hoarding

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Bitcoin
  • Blockchain
  • Cryptocurrency Hackers
  • Ethereum
  • Litecoin
  • Ripple

Newsletter

[mc4wp_form]

  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

Copyright (c) 2021 - Crypto Hoarding - All Rights Reserved - web design by TechyRack