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Prominent analyst: Bitcoin’s price floor will be determined by the end of 2022

تحلیلگر مطرح: کف قیمتی بیت کوین تا پایان سال ۲۰۲۲ مشخص می‌شود

The decrease of more than 10% in the value of Bitcoin in the last seven days and the exit of 165 billion dollars of capital from the digital currency market can be a sign of the fatigue of buyers and further reduction of prices. Meanwhile, a well-known analyst tries to predict when the market will reach its lowest level by examining the price pattern in the periods before each halving.

To Report Feinbold, Rekt Capital, a leading analyst and trader of digital currencies, considering the movements of Bitcoin in a certain period before the previous halvings, believes that the price of this digital currency can reach its lowest level by the end of 2022. A halving is an event after which the reward for mining each Bitcoin block is halved, thereby slowing down the supply increase.

This analyst wrote on his Twitter on September 19 (28 Shahrivar) that by examining the bearish periods in the past, we can conclude that 517 to 547 days before the next halving in April 2024 (April 1403), the price of Bitcoin will probably reach its lowest level. . This means that the price floor of Bitcoin will be determined in the fourth quarter of 2022 (autumn 1401).

He wrote on his Twitter:

In 2015, the price of Bitcoin reached its lowest level 547 days before the halving. In 2018, the price of Bitcoin reached its lowest level 517 days before the halving (excluding the March 2020 crash). If Bitcoin is to reach its lowest price level 517-547 days before the next halving in April 2024, the bottom of the bear cycle will be determined in the fourth quarter of this year.

Also read: What is Bitcoin halving and how does it affect the price?

Weak support at $20,000

Referring to Bitcoin’s movement in the $20,000-23,500 range, Racket Capital said in its blog that the $20,000 support has appeared weak so far.

Prominent analyst: Bitcoin's price floor will be determined by the end of 2022
Bitcoin’s next support lines in the event of a price decline (Reckt Capital Analysis).

According to this analyst, the attempt to bounce back from the $20,000 support this month has been very weak. He says that this month’s candlestick has reached a range that may change this support to resistance.

He explained:

Of course, many things can still change during the month; But currently, price action analysis shows us that the $20,000 support may become a new resistance in the monthly timeframe. This could be a prelude to confirmation of the current swing range breakout.

Rect Capital also added that if we see a confirmation of the price break from the $20,000 support, the next supports will be $17,165 and $13,900.

Where is the price floor of Bitcoin?

Racket Capital stated that its historical analysis of the Death Cross shows that Bitcoin’s price floor is in the range of $23,467 to $16,985 as the price is turning the 200-week moving average into a new resistance. Is.

He believes that in the worst-case downside scenario, the price could fall to $11,500, which would mean breaking the $13,900 monthly support area. From another angle, according to the Bitcoin rainbow chart, $16,700 will be the lowest price for Bitcoin in the near term.

Prominent analyst: Bitcoin's price floor will be determined by the end of 2022
Bitcoin price chart in the last 7 days.

Bitcoin is trading at $18,917, down 10.9% over the past week and down 1% over the past 24 hours, according to data from CoinMarketCap. Also, its market value is about 368.66 billion dollars.

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