When does the Bitcoin cycle peak occur?

Bitcoin price has fallen 17% in the last 30 days, and since its all-time high (ATH) of $ 69,000 on 11/10/2021, the king of cryptocurrencies has lost more than 38%. Meanwhile, proponents are arguing fiercely whether this is a bear market or a bull market that is still intact? For many observers, Bitcoin’s current cycle is not yet over as there is no fixed peak and speculators are still expecting another bubble.

Source: Tradingview

Four stages in the price cycle

Many traders pay attention to the highs, lows and 4 phases of the market cycle. The phases include accumulation, price increase, distribution and decrease or speculation. The accumulation phase occurred 666 days ago on March 12, 2020 when Bitcoin price slipped below USD 4,000. On that day in March, the World Health Organization (WHO) announced that the world was grappling with the Covid-19 outbreak, calling it a “pandemic”.

https://twitter.com/TheBitwatch/status/1477855295175106561?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“If you’re wondering why the Bull Run this cycle looks a little different than the previous ones. It’s just the beginning. “

On that day, also known as “Black Thursday”, global markets around the world boiled over and the crypto economy instantly lost billions of dollars, but the next day a period of recovery and accumulation began. BTC price continued to trend higher and gradually entered an upward phase as it finally surpassed the 2017 ATH of $ 20,000. On January 7, 2021, the price hit $ 40,000 for the first time in history. In mid-May, BTC first hit the $ 66K region and quickly fell below that zone.

Bitcoin slipped below the $ 40K region around 9/21/2021 and everyone is claiming it has not yet hit the top. You were right that on November 10th last year, 50 days later, BTC hit an ATH of $ 69,000. However, proponents believe the bull cycle is not over yet and another parabolic uptrend may be on the horizon. Most bitcoiners try to measure cycles based on the halving time of BTC.

https://twitter.com/TechDev_52/status/1478784692707020811?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“In the cycle halving First and second, Bitcoin hits the Fib linear expansion of 4.236 before finding support near 2.618 go upstairs as.

BILLIONDuring the 3rd Bitcoin halving, the price hit the 4,236 Linear Fib extension and is trying to find support near 2,618. “

Usually, due to the scarcity of Bitcoin, the price rises before the reward is halved and the next halving is scheduled for 05/06/2024 850 days From now on. More than 2 years to go and people wholeheartedly believe that the bull market that brought BTC to $ 69,000 is still happening. Bitcoiner now expects a double bubble similar to 2013, when the price broke the $ 69K region and hit a higher high. Crypto market expert Bobby Axelrod believes observers will see the next big step in early February.

“This next bull phase, the next 60-day cycle, begins. Trading starts at the beginning of February. Where bitcoin price ends after the next move will be the peak of the cycle. At least that’s what I would believe. “

“S.collapse price which means that the rally will take place soon. “

Crypto advocate Colin, host of the YouTube show “Colin Talks Crypto”, believes the market cycle is getting longer.

“With the cycle of this bull run lengthening significantly, I think we will now see a bitcoin price of $ 300,000 rather than $ 100,000,” YouTuber said. said on May 1st

“I am pleased that the Bitcoin price is falling – not because I like it when the price is falling, but because it means the rally will come sooner. It’s like, “Let’s get over this incident so we can venture into more optimistic terrain!”

Many other supporters feel the same way. Twitter account “Wicked Smart Bitcoin” was to write:

“The perfect place to show up. Anyone who used to go long at $ 43,000 and now anyone who goes short (expect to drop to $ 40,000) is going to fail. Do not trade or use leverage. Just buy Spot, Custody, and HODL for a cycle or two. Let hyper-bitcoinization do its thing. “

Booming center

Root Twitter account already divide Chart of all Bitcoin price cycles and ATH positions recorded in cycles.

“The 2021 cycle has given us 32 blue points (ATH) so far. We have 72 points in the 2017 cycle and 52 points in the 2013 cycle. Let the fireworks begin for 2022. “

Source: Twitter

Trader, entrepreneur and investor Bob Loukas has called this cycle the “center of the boom”.

“Day 31 of the Bitcoin cycle, the center of the boom. Overlay is cycle from May 23rd. – 07/20/2021. I’m not a lover of coatings, I don’t exchange them, but the conditions are similar. I think $ 40K is always the more important level. The beginning (February) is more important ”.

Currently, Bitcoin’s logarithmic growth curve is showing 3 bull runs with the highest peaks, but the current cycle looks incomplete and almost indecisive. diagram shows There have only been 2 times in history that Bitcoin price slipped below the yellow dev-low line and the last time it was on March 12th, 2020 (Black Thursday). The lower end of the chart and the yellow Dev-Low line indicate that the price of BTC will not go below $ 25,000 if it maintains the corridor pattern without distortion.

BTC logarithmic growth curve | Source: lookintobitcoin.com

It can be said that most bitcoiners, even with the most advanced technical analysis skills, are unsure of the position of bitcoin price. Trader, entrepreneur and CEO Tai Zen of trading portal cryptocurrency.market says people should wait for the bear market to buy back altcoins.

“Bitcoin sells for less than $ 50,000. We do not recommend buying coins during a bull market. However, if you have more money and want to get into crypto I would only buy BTC and nothing else, ”added Zen.

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