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Bitcoin continues to struggle to hold the $26,000 support as bearish sentiment dominates the market. Its decline over the past few weeks has given rise to speculation that the digital asset could be headed for a new cyclical low. However, one crypto analyst firmly believes that bitcoin has already marked the bottom of its cycle.
Crypto Analyst PlanB Says $15,500 Was Bitcoin Bottom
In November 2022, FTX which was then the second largest cryptocurrency exchange in the world collapsed and filed for bankruptcy following a massive bank run. This collapse reverberated through the market and resulted in a massive crash across crypto assets in the space. As a result, bitcoin traded higher in a decline above $30,000 before breaking out from the low at $15,500.
In January 2023, PlanB told his over 1.8 million Twitter followers that the November 2022 low of $15,500 was the cycle bottom for the market. The analyst believed that the digital asset would not fall below this level again and has now reiterated his stance once again.
PlanB said in a tweet on Sunday that it stands by its prediction made six months ago that bitcoin is going to halve in 2024. Plus, they also double their $32,000 price in 2024.
I’m still on my Jan 12 #bitcoin Look:
– November 2022 bottom was $15.5K (50% disagree!)
– Halving in 2024 ($18K as of Jan 12)
– Next: Half Price Above $32K pic.twitter.com/bfEOEqiBAv— PlanB (@100trillionUSD) June 18, 2023
This means that analysts expect the price of bitcoin to actually rise from this level as the $32,000 price level would mean an additional 20% gain from the current price. Interestingly, the analyst also predicts that the BTC price will cross $100,000 in 2025.
BTC Could See Further Upside
The current market trend could play into PlanB’s forecast for the future of bitcoin. The digital asset has been consolidating to the downside for a couple of weeks now, which could mark an opportunistic level for the uptrend. If this happens, the cryptocurrency could easily retest $30,000 as long as the bulls are able to sustain the momentum.
BTC price reclaims $26,500 resistance | Souce: BTCUSD on TradingView.com
BTC also successfully climbed above its 100-day moving average, indicating a return of bullish sentiment among market participants. This was the situation in January 2023 before the rally as well and such a move could be repeated here again.
The halving event is also approaching, which has historically been a bullish event for the price of the digital asset. Every bull market has been triggered by the bitcoin halving, thus providing ample reason to believe that the next one will begin in 2024.
Currently, BTC price is changing hands at a price of $26,519, down 0.35% in the last 24-hours but showing a gain of 1.53% on the weekly chart.
