Bitcoin has continued to struggle to sustain the $26,000 support level as bearish sentiment continues to dominate the market.
Its drawdown in the last few weeks has led to speculations that the digital asset could be headed for a new cycle low. However, one crypto analyst firmly believes that Bitcoin has already marked its cycle bottom.
Crypto Analyst PlanB Says $15,500 Was Bitcoin Bottom
In November 2022, FTX which was the second-largest cryptocurrency exchange in the world at the time collapsed and filed for bankruptcy following a massive bank run. This collapse reverberated through the market and triggered a massive crash across crypto assets in the space. As a result, Bitcoin was in a freefall from above $30,000 before bottoming out at $15,500.
In January 2023, PlanB told his over 1.8 million Twitter followers that the $15,500 bottom of November 2022 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 more.
PlanB said in a tweet on Sunday that he stands by the earlier prediction he had made six months ago and that Bitcoin was going to rise going into the 2024 halving. At the same time, he also reiterated his $32,000 halving price in 2024.
I still stand by my Jan 12 #Bitcoin view:
– Nov 2022 $15.5K was the bottom (50% disagreed!)
– Rise into 2024 halving (from $18K on Jan 12)
– Next: halving price above $32K https://t.co/V74Y8VYCVo pic.twitter.com/bfEOEqiBAv
— PlanB (@100trillionUSD) June 18, 2023
This means that the analyst expects the price of Bitcoin to actually rise from this level as a $32,000 price level would mean a 20% addition from the current price. Interestingly, the analyst also predicts that BTC’s 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 now been consolidating toward the downside for a couple of weeks now which could mark an opportunistic level for a bounce. If this happens, the cryptocurrency could easily retake $30,000 as long as bulls are able to hold up momentum.
BTC has also successfully risen above its 100-day moving average, indicating a return of bullish sentiment among market participants. This was the case back in January 2023 before the rally and such a move could be replicated here once more.
The halving event is also drawing closer which has been a historically bullish event for the price of the digital asset. Each bull market has begun with a Bitcoin halving, thus providing ample reason to believe the next bull market will begin in 2024.
Presently, the price of BTC is changing hands at a price of $26,519, down 0.35% in the last 24 hours but seeing gains of 1.53% on the weekly chart.