Bitcoin’s four-year halving cycle is one of the favorite topics to be talked about among crypto traders and investors.
In 2021, the Bitcoin price was predicted to reach $100,000 but the currency failed. Hence most crypto analysts are now thinking about how Bitcoin performs in the next 6 to 12 months.
At the moment, Bitcoin is trading below $40,000 and many technical analysis metrics indicate more downside for the currency.
A crypto analyst and a pseudonymous Twitter user known as Wolves of Crypto, while in discussion regarding the general prospects of the four-year cycle theory, the analyst asserts that Bitcoin is expected to experience a more bearish pull in November/December 2022.
On the other hand, another crypto analyst known as Willy Woo is of the opinion that Bitcoin’s bottom could be seen before the end of 2022. He put forth his point via a chart that suggests that Bitcoin is a bit undervalued here.
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As per the chart mentioned above, each time when the oscillator dropped against the current reading, the price of Bitcoin entered a massive rally zone shortly thereafter. Hence, Willo Woo suggests traders to wait for the long-term.
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Futures Data Indicates A Massive Pull For Whole Crypto Market
Today the global cryptocurrency market cap is yet again being dragged by the bears positioning at $1.77 trillion with a downfall of 2.26% over the last 24hrs. The major contribution to this downtrend is Bitcoin whose price has once again fallen below $40,000 and Ethereum declining below $3,000.
It’s just not BTC & ETH, in fact, the entire crypto market is under a bearish cycle where the crypto market’s aggregate capitalization reveals that there is a loss of 3.5% over the last seven days among these the prominent losers were an 18.8% loss from XRP, 10.2% loss from Cardano and 9.7% decrease from Polkadot.
Meanwhile, ApeCoin has shown a considerable gain where it rallied 44% due to the upcoming Otherside metaverse land auction scheduled for April 30.
However, Futures data and decreased demand for Tether are pointing toward a downfall for the entire crypto market.
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Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-might-see-heavy-downtrend/