Bitcoin continued to struggle to hold the $26,000 support level as the downtrend continues to dominate the market. Its withdrawal in the past few weeks has led to speculation that the digital asset could be heading into a new low cycle. However, one cryptocurrency analyst firmly believes that Bitcoin has already set its cycle low.
Crypto analyst PlanB says $15,500 was below Bitcoin
In November 2022, FTX, which was the second largest cryptocurrency exchange in the world at the time, collapsed and filed for bankruptcy after a massive bankruptcy. This crash reverberated through the market and led to a massive collapse of crypto assets in the space. As a result, bitcoin was in a free fall from over $30,000 before reaching $15,500.
In January 2023, PlanB told its more than 1.8 million Twitter followers that the $15,500 November 2022 low was the market cycle low. The analyst believes that digital assets will not fall below this level again and has now reiterated his position once again.
PlanB said in a tweet on Sunday that it sticks to a previous prediction it made six months ago that bitcoin will halve in 2024. At the same time, it also reiterated its $32,000 halving in 2024.
I still stand by Jan 12th # Bitcoin Scenery:
– November 2022 $15.5k was down (50% disagreed!)
Halving in 2024 (from $18,000 on Jan. 12)
Next: Cut the price in half over $32,000 https://t.co/V74Y8VYCVo pic.twitter.com/bfEOEqiBAv– PlanB (@100 trillion USD) June 18, 2023
This means that the analyst expects the Bitcoin price to actually rise from this level as the $32,000 price level means adding 20% to the current price. Interestingly, the analyst also predicts that the BTC price will cross $100,000 in 2025.
BTC could see more upside
The current market trend could play a role in PlanB’s predictions for Bitcoin’s future. The digital assets are now consolidating towards the downtrend for a few weeks now which could be a suitable level for a bounce. If this happens, the cryptocurrency could easily reclaim $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 managed to climb above the 100-day moving average, which indicates a return of bullish sentiment among market participants. This was the case in January 2023 before the rally and such a move could be repeated here again.
The halving event which has been a historically bullish event for the price of a digital asset is also approaching. Each bull market started with a Bitcoin halving, which provides ample reason to believe that the next bull market will begin in 2024.
At the moment, the price of BTC is changing hands at $26,519, down by 0.35% in the past 24 hours, but it has seen a gain of 1.53% on the weekly chart.