{"id":13514,"date":"2021-10-23T17:54:04","date_gmt":"2021-10-23T17:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/analyst-suggests-bitcoins-bottom-could-be-50k-assuming-btc-surpasses-200k-this-cycle\/"},"modified":"2021-10-23T17:54:04","modified_gmt":"2021-10-23T17:54:04","slug":"analyst-suggests-bitcoins-bottom-could-be-50k-assuming-btc-surpasses-200k-this-cycle","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/analyst-suggests-bitcoins-bottom-could-be-50k-assuming-btc-surpasses-200k-this-cycle\/","title":{"rendered":"Analyst Suggests Bitcoin\u2019s Bottom Could Be $50K Assuming BTC Surpasses $200K This Cycle"},"content":{"rendered":"

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\u2019s top. On October 20, cryptocurrency market analyst Justin Bennett discussed bitcoin\u2019s 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\u2019s bottom after an 80% pullback will be around $50K.<\/strong><\/p>\n

\u20182013 Vibes,\u2019 \u2018End-of-Cycle Targets,\u2019 and Searching for the Elusive Bottom<\/h2>\n

The price of bitcoin (BTC)<\/a> 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\u2019s future in a blog post<\/a> called \u201cCharting Bitcoin\u2019s Next Five Years.\u201d<\/p>\n

Cryptocademy\u2019s analyst Bennett discusses BTC<\/a>\u2019s 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<\/a> is on the horizon, and the infamous stock-to-flow creator Plan B explained<\/a> on Saturday that he\u2019s feeling \u201c2013 vibes.\u201d<\/p>\n

The blog post written by Bennett covers bitcoin bull cycles and talks about where bitcoin (BTC<\/a>) is going over the next five years. \u201cA look at the 2.272 and 2.414 Fibonacci extensions from the last two cycles shows a target area that was reached both times,\u201d Bennett writes.<\/p>\n

\u201cIf we apply that same area to the current rant, we get an end-of-cycle target for Bitcoin between $207,000 and $270,000,\u201d the analyst adds. Following the end cycle outlook, Bennett details that the last three bear markets that followed the bull cycles have \u201cproduced corrections of 94%, 87%, and 84% respectively.\u201d<\/p>\n

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<\/a>) is becoming a \u201cmaturing market.\u201d<\/p>\n

As BTC<\/a> continues to mature, Bennett stresses, bitcoin is \u201clikely to see diminishing returns and bear market corrections.\u201d The Cryptocademy analyst believes this end cycle will be no different. \u201cAs such, I\u2019d expect the next bear market to pullback between 75% and 80% from the peak,\u201d Bennett details. The digital currency market analyst\u2019s blog post adds:<\/p>\n

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\u2019s very near the $65,000 high that lasted for six months recently.<\/p>\n

Predicting the Lowest of Lows<\/h2>\n

Bennett\u2019s 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 <\/a>called the \u201cIlliquid Supply Floor\u201d in mid-September. \u201cIntroducing: \u2018Illiquid Supply Floor,\u2019\u201d Clemente tweeted on September 15. \u201cThis combines Glassnode\u2019s illiquid supply data with Plan B\u2019s traditional S2F model, creating a price floor based on Bitcoin\u2019s real-time scarcity. Currently $39K,\u201d he added at the time.<\/p>\n

There\u2019s been a number of people attempting to call bitcoin\u2019s price top<\/a> and some even believe<\/a> a single \u201cbitcoin will eventually be equivalent to $1 million.\u201d Bennett\u2019s and Clemente\u2019s recent statements touch upon bitcoin\u2019s price bottom and the lowest of lows. Both of these predictions combined indicate that the lowest of lows following this bull cycle\u2019s top could be anywhere between $39K to $50K.<\/p>\n

What do you think about Justin Bennett\u2019s blog post that suggests bitcoin\u2019s floor will be around $50K per unit? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nMarket Updates, $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<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s top. On October 20, cryptocurrency market analyst Justin Bennett discussed bitcoin\u2019s possible price floor after it reaches the top. Bennett suggests the end of this…<\/p>\n","protected":false},"author":0,"featured_media":13515,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13514"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13514"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13514\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13515"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}