Bitcoin price is down 16% over the past 30 days, and since hitting an all-time high for a crypto asset (ATH) on November 10, 2021, Bitcoin has lost more than 38% since it topped $69K per unit that day. Meanwhile, cryptocurrency advocates are hotly debating whether this is a bear market for bitcoin or if a bull market is still intact. For many observers, the current cycle of the bitcoin market has not yet completed, as a solid peak has not formed, and speculators are still expecting another bubble to come to fruition.
The Four Phases of the Price Cycle – Bitcoin Traders Discussion Center of the Cycle, Trader Insist “The Beginning of February Will Be the Move”
Many cryptocurrency traders pay attention to the tops, bottoms, and the four phases of the market cycle. The phases include the accumulation phase, the uptrend phase, the distribution phase, and the downtrend or capitulation phase. One could say that the accumulation phase occurred 666 days ago on March 12, 2020, when the bitcoin price dropped below $4K per region. On that day in March, the World Health Organization (WHO) announced that the world was dealing with the outbreak of Covid-19, calling it a “pandemic”.
– Bitwatch 🟠 (TheBitwatch) January 3, 2022
On that day, known as “Black Thursday”, global markets around the world were turbulent and the cryptocurrency economy lost billions in a very short time, but the recovery and accumulation phase of the cryptocurrency economy began the next day. Bitcoin (BTC) price continued its upward trend and steadily moved into the coding stage as BTC finally surpassed its all-time high of $20K in 2017. By January 7, 2021, the Bitcoin price reached $40K for the first time in history. In mid-May, the price of Bitcoin reached the $66K region for the first time and fell below that region shortly after.
Bitcoin price dropped below the $40K region around September 21st, 2021, and people claim that the price peak has yet to be reached. They were correct 50 days later, Bitcoin (BTC) reached a lifetime high of $69,000 per unit on November 10 last year. However, cryptocurrency advocates believe that the bullish cycle is far from over, and another equivalent bullish trend may be in the cards. Most bitcoins attempt to measure cycles by taking advantage of the time between the bitcoin halving cycle.
In the first and second # bitcoin Cycles by half, the price hit the 4.236 Fibonacci linear extension before finding support near the 2.618 linear extension and moving higher.
– TechDev (@TechDev_52) January 5 2022
Normally, due to the scarcity of Bitcoin, the price rises before the reward halving, and the next halving is expected 850 days from now on May 6, 2024. This is still more than two years away and people honestly believe that the bull market that led to BTC 69K dollars is still running. Bitcoin continues to anticipate a similar double bubble for 2013 as price breaks above $69K and reaches higher. Crypto Market Expert Bobby Axelrod It is believed that in early February observers will see the next big move.
“This is the next phase, the beginning of the 60-day cycle,” Axelrod wrote on Twitter. “Early February will be the move. As the bitcoin price ends after the next move, it should be higher cycle IMO. At least I will treat it that way.”
Crypto Defenders Predict Bitcoin Rebound – ‘Price Collapse Means Sudden Price Rise’ Coming Soon
Encoder support Collin, the host of the Youtube show “Colin Talks Crypto” believes that the market cycle may be prolonged. “Due to the apparent prolongation cycle of this uptrend, I now believe that it is *likely* for us to see Bitcoin worth $300,000 more than Bitcoin of just $100,000,” Youtuber He said On January 5th on the same day, Colin chirp:
I am happy that the price of Bitcoin is collapsing – not because I like the price to go down, but because it means that a bullish rally is coming soon. It’s like, “Let’s finish this breakdown so we can move into more bullish territory!”
Many other crypto proponents feel the same way. Twitter account named “Wicked Smart Bitcoin” books: “Perfect place to bounce IMO. Rekt Everyone longed for $43,000 and now everyone short (expect a crash to $40k) will get a buyback. Chop chop chop. Do not trade or use leverage. You only need to purchase a spot, self-nurturing, and HODL for one or two courses. Let hyperbitcoinization do its thing.”
Twitter account called Tweet embed We shared a chart of all the Bitcoin price cycles and the highest ever price positions (ATH) recorded during the cycles. “The 2021 cycle has so far given us 32 blue points (ATH),” Bitcoin supporter He said. “We had 72 in the 2017 cycle and 52 in the 2013 cycle. Let the 2022 fireworks begin.” Trader, entrepreneur and investor Bob Lucas described the cycle as “the vomiting of the midpoint”. Lukes said:
Day 31 of the Bitcoin cycle, midpoint vomit. Overlay is the cycle from May 23 to July 20, 2021. I’m not a fan of overlays, I don’t trade them in, but on similar terms. I think $40K has always been the most important level. Most importantly, it is early [February] timing.
Currently, the logarithmic growth curve of Bitcoin shows three upward trends with extreme highs, but the current cycle looks almost incomplete and unplanned. The chart shows that there have only been two times in the history of Bitcoin that it slipped below the yellow low development line, the last time it happened was on March 12, 2020 (Black Thursday). The end of the chart and the yellow lower development line indicate that the price of BTC will not fall below $25,000 if the energy law corridor pattern is maintained without deviation.
It is safe to say that most bitcoin even with the most advanced technical analysis skills are not sure where the bitcoin price is headed. Tai ZinCryptocurrency trader, entrepreneur, and CEO of the trading web portal cryptocurrency.market says people should wait until the bear market for altcoins.
“Bitcoin is on sale for less than $50K (laser eye price),” Zain tweeted. “We do not recommend buying any coins during the middle of a bull market. However, if you have extra cash and an itch to jump into crypto, the only coin I would buy is BTC. [and] “Nothing else,” Zayn added.
What do you think of the current price cycle for bitcoin? Tell us what you think about it in the comments section below.
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