Expert Predicts Bitcoin Could Hit $70,000, Drawing Parallels To December 2021 Crash
As the Bitcoin (BTC) worth settles beneath the vital $90,000 assist stage, discussions concerning the potential onset of a brand new bear market are rising amongst specialists and market analysts.
The market’s main cryptocurrency, presently buying and selling at roughly $87,370, has skilled a decline of over 30% from its all-time high of greater than $126,000, drawing comparisons to previous market behaviors, notably these witnessed in December 2021.
Fractal Patterns Resurface
Notably, on December 24, 2021, Bitcoin was valued at round $51,700, marking an area peak earlier than it plummeted to $34,000 by January 24, 2022. This decline represented a major 34% drop inside only one month.
An knowledgeable analyzing the present market dynamics has applied a fractal mannequin derived from that earlier sell-off to Bitcoin’s current worth. According to this evaluation, there’s a potential trajectory that might see the cryptocurrency transfer towards the $70,000 mark within the coming days.
The knowledgeable argues that given the present worth motion and present market circumstances, this situation is believable and suggests an extra decline of about 20% for the Bitcoin worth if an identical sample unfolds.
However, with out clear path, the query stays whether or not this example will unfold right into a restoration above key worth ranges or into an extended bear market heading into the primary quarter of 2026. As such, views amongst analysts fluctuate broadly.
Expert Predicts ‘Bitcoin Supercycle’ Ahead
CryptoKaleo, one other determine on social media platform X (previously Twitter), posits that the present market mirrors circumstances seen within the fall of 2020.
Both situations concerned Bitcoin dropping a vital assist stage that had been established within the wake of serious market corrections, resulting in a “mini-bart” situation the place the value retraced practically all of its earlier positive factors, finally discovering a brand new base.
During the restoration part after the COVID-19 crash in 2020, conventional shares, notably within the tech sector, considerably outperformed Bitcoin, main many to assert that the main cryptocurrency was fading into irrelevance.
Today, as equities ceaselessly attain new all-time highs, an identical narrative is rising, with some asserting that Bitcoin has change into stagnant and altcoins are missing momentum.
Despite this, CryptoKaleo stays optimistic, suggesting that the current scenario doesn’t conform to the standard four-year market cycle for the cryptocurrency.
Instead of a protracted bearish part, he predicts that when Bitcoin reaches new all-time highs in 2026, it is going to usher in an thrilling “supercycle,” characterised by extended upward traits, sturdy altcoin seasons, and a resurgence of retail curiosity in mainstream cryptocurrencies.
Featured picture from DALL-E, chart from TradingView.com
