Bitcoin bear trend continues to dominate the market. In this environment, it is struggling to maintain the $26,000 support level. Its decline over the past few weeks has led to speculation that the digital asset may be heading for a new low cycle. But one crypto analyst suggests that Bitcoin has already marked the bottom of its cycle.
Bitcoin analyst PlanB: $15,500 is the bottom of Bitcoin
In November 2022, FTX, the second largest cryptocurrency exchange in the world at the time, collapsed. The exchange filed for bankruptcy after a major bank operation. As you follow on Kriptokoin.com, this collapse resonated in the market. Thus, it triggered a massive crash among crypto assets in the ecosystem. As a result, Bitcoin went into a free fall above $30,000 before bottoming out at $15,500.
In January 2023, PlanB told more than 1.8 million Twitter followers that the $15,500 low in November 2022 was the cycle low for the market. The analyst suggested that the digital asset will not fall below this level again. Now he repeats this stance once again. PlanB said in a tweet on Sunday that it stood by the prediction it made six months ago. He also noted that Bitcoin will rise towards the 2024 halving event. At the same time, he again underlined the halving price of $ 32,000 in 2024.
I still stand by my Jan 12 #Bitcoin view:
– Nov 2022 $15.5K was the bottom (50% disagreed!)
– Rise into 2024 halving (from $18K on Jan 12)
– Next: halving price above $32K https://t.co/V74Y8VYCVo pic.twitter.com/bfEOEqiBAv— PlanB (@100trillionUSD) June 18, 2023
This means that the analyst expects the Bitcoin price to really rise from this level. Because a price level of $32,000 would mean an addition of 20% from the current price. Interestingly, the analyst also predicts that the price of BTC will exceed $100,000 in 2025.
It is possible for BTC to see more bullishness!
According to crypto analyst Best Owie, the current market trend is in line with PlanB’s predictions for Bitcoin’s future. The digital asset has been consolidating on the downside for several weeks. This, too, is likely to signal an opportunistic level for a leap. If that happens, the crypto could easily retake $30,000 as long as the bulls can maintain the momentum.
BTC price regains the $26,500 resistance / Source: TradingViewBTC also successfully broke above its 100-day moving average. Thus, it signaled the return of bullish sentiment among market participants. This was also the case before the rally in January 2023. Therefore, it is possible that we will see a repeat of such a movement here once again. Halving is also approaching as a historically bullish event for the price of the digital asset. Every bull market started with Bitcoin’s halving. So there is ample reason to believe that the next bull market will start in 2024.
Currently, BTC is changing hands at $26,519, down 0.35% in the last 24 hours. However, the leading crypto recorded a 1.53% gain on the weekly chart.
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