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Thursday, October 6, 2022

Bitcoin Price Could Reach $24K Before The End Of 2022

The four-year halving cycle of Bitcoin has sparked a lot of debate within the crypto community- along with the effect that it could have on the price of the top cryptocurrency. The cryptocurrency did fail to hit the long-predicted level of $100,000 in 2021, with several crypto analysts now finding themselves wondering about how the crypto coin might look over the next six to 12 months.

As of now, the price of BTC has been trading below $400,000, with several technical analysis metrics suggesting that a further downside is more likely that a price recovery at the price range of $40,000 to $45,000. This would also serve as the perfect time to understand the longer-term prospects that cryptocurrency has. 

Bitcoin Price Seem To Be At A Mid-Term Low

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Wolves of Crypto, a crypto analyst, and Twitter user, provided a general overview of the four-year cycle theory. The analysis thus provided does indicate that the most probable bear market bottom for Bitcoin will establish itself during November/December 2022. This projection, as made by the crypto analyst, assumes that the peak price of BTC of $68,789 back on the 10th of November, 2021 did mark the high of the last cycle along with the market currently in a corrective phase. 

It was Willy Woo that predicted the possibility of Bitcoin bottoming out before the end of 2022. The independent market analyst then posted a chart that went on to suggest that the orange coin did seem to be quite a bit undervalued. 

But there have been some analysts that believe that Bitcoin could definitely be in an optimal range of accumulation, which was also touched upon by Philip Swift- a noted analyst in the crypto market. 

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