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The price of bitcoin has fallen 16% over the past 30 days and since the crypto asset’s all-time high (ATH) on November 10, 2021, bitcoin has lost over 38% since surpassing 69,000 $ per unit that day. Meanwhile, crypto supporters are furiously debating whether this is a bearish bitcoin market or whether the bull market is still intact. For many observers, the current cycle in the bitcoin market is not over, as no solid spikes have formed, and speculators still expect another bubble to materialize.
The Four Phases of the Price Cycle – Bitcoin traders discuss the position of the cycle, trader insists “early February will be the move”
Many digital currency traders pay attention to the ups and downs and the four stages of the market cycle. The stages include the accumulation phase, the uptrend phase, the distribution phase and the downtrend or capitulation phase. You could say that the accumulation phase took place 666 days ago on March 12, 2020, when the price of bitcoin slipped below the $ 4,000 mark per unit area. On that day in March, the World Health Organization (WHO) announced that the world was facing the Covid-19 epidemic and called it a “pandemic.”
If you were wondering why this cycle’s running of the bulls is a little different from the previous ones. It’s just the beginning. #Bitcoin pic.twitter.com/q3X3z51x6X
– Bitwatch 🟠 (@TheBitwatch) January 3, 2022
On this day, also known as ‘Black Thursday’, global markets around the world were disrupted and the crypto-economy lost billions in no time, but the recovery and accumulation phase of the crypto-economy started the very next day. The price of bitcoin (BTC) continued its upward trend and moved steadily into the markup phase, with BTC finally breaking the record high of $ 20,000 in 2017. On January 7, 2021, the price of BTC reached 40,000 $ for the first time in history. In mid-May, the price of BTC hit the $ 66,000 area for the first time and slipped below that region shortly thereafter.
The price of Bitcoin slipped below the $ 40,000 area around September 21, 2021, and people have claimed that the highest price has yet to be reached. They were right because 50 days later the price of bitcoin (BTC) hit a high lifetime price of $ 69,000 per unit on November 10 of last year. Still, crypto advocates believe the bull cycle is not over and another parabolic uptrend may be in the cards. Most bitcoiners try to measure cycles by taking advantage of the time between the BTC halving cycle.
During the 1st and 2nd #Bitcoin halving cycles, the price reached a linear extension of 4.236 fib before finding support near 2.618 linear and moving higher.
In the 3rd round of #Bitcoin halving, the price has reached a linear extension of 4.236 fib and is trying to find support near 2.618 linear. pic.twitter.com/7EbsaaXRAA
– TechDev (@ TechDev_52) January 5, 2022
Typically, due to the scarcity of bitcoin, the price rises before the reward halves, and the next halving is expected in 850 days, May 6, 2024. That’s still over two years away. and people wholeheartedly believe that the bull market that drove BTC to $ 69,000 is still in play. Bitcoiners are still expecting a double bubble similar to 2013 where the price breaks the $ 69,000 area and peaks more high. Crypto market expert Bobby Axelrod believes that in early February observers will see the next big move.
“This next step, this next 60 day cycle begins,” Axelrod tweeted. “Early February will be THE MOVE. The place where the bitcoin price ends after the next move should be the top of the IMO cycle. At least I’ll treat it as such.
Crypto Supporters Expect Bitcoin Prices to Rebound – “Price Collapse Means Bullish Spike Is Earlier To Come”
Crypto supporter Colin, host of the Youtube show “Colin Talks Crypto”, believes the market cycle has lengthened. “Due to the apparent lengthening of the cycle of this bull run, I now think it’s * more likely * for us to see a bitcoin price of $ 300,000 than a mere bitcoin price of $ 100,000,” he said. declared the Youtuber on January 5. That same day, Colin tweeted:
I’m happy that the price of bitcoin is crashing, not because I like the price to go down, but because it means it is rising faster. It’s like, “let’s end this crash so we can move into more bullish territory!”
Many other crypto supporters feel the same way. The Twitter account dubbed ‘Wicked Smart Bitcoin’ wrote, ‘Perfect place to bounce IMO. Rekt everyone who longed for $ 43,000 and now everyone short (expecting a breakout at $ 40,000) will get rekt. Chop Chop Chop. Don’t trade or use leverage. Just buy Spot, Self-Care, and HODL for a cycle or two. Let hyperbitcoinization do its job.
“The vomit in the middle”
The Twitter account called @therationalroot shared a chart of all bitcoin’s price cycles and record price positions (ATH) recorded during the cycles. “The 2021 cycle has given us 32 blue points (ATH) so far,” the bitcoin advocate said. “We had 72 in the 2017 cycle and 52 in the 2013 cycle. Let the fireworks for 2022 begin. Trader, entrepreneur and investor Bob Loukas described the cycle as a “mid-point vomit”. Loukas said:
Day 31 of the bitcoin cycle, the median vomit. The overlay is the Cycle from May 23 to July 20, 2021. Not a fan of overlays, I don’t trade them, but similar conditions. I think $ 40,000 has always been the most important level. More important is the beginning [February] Hourly.
Currently, Bitcoin’s log growth chart shows three bull runs with extreme peaks, but the current cycle looks incomplete and almost indecisive. The chart shows that there have only been two times in bitcoin’s price history where it slipped below the yellow dev low line, and the last time that happened was March 12, 2020 (Black Thursday). The end of the chart and the yellow line of low dev indicate that the price of BTC will not drop below $ 25,000 if it maintains the power law corridor pattern without deviation.
It’s safe to say that most bitcoin, even with the most advanced technical analysis skills, don’t know where the price of bitcoin is heading. Tai Zen, the crypto-trader, entrepreneur and CEO of the cryptocurrency.market trading web portal says people should wait for the bear market to acquire altcoins.
“Bitcoin is on sale for under $ 50,000 (laser eye price),” Zen tweeted. “We don’t recommend buying coins in the middle of a bull market. However, if you have the extra cash and itchy to get into crypto, the only coin I would buy is BTC. [and] nothing else, ”added Zen.
Tags in this story 2013, 2020, Analysts, bear cycle, Bear, Bitcoin, Bitcoin (BTC), Bitcoiners, Black Thursday, Bob Loukas, Bobby Axelrod, bull cycle, Bulls, Charts, Colin Talks Crypto, cycle, cycles, Double Bubble , Halve, Halve Cycle, March 12, Market Update, Markets, Median Vomit, Price Cycle, Price, Therapeutic Root, Traders, Wicked Smart Bitcoin
What do you think of the current bitcoin price cycle? Let us know what you think of this topic in the comments section below.
Jamie redman
Image credits: Shutterstock, Pixabay, Wiki Commons
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