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Bitcoin fix can go down to $50,000 and up to $200,000 in this cycle

On October 20, cryptocurrency market analyst Justin Bennett discussed Bitcoin’s possible price floor after it hits the top. Bennett suggests that the end of this cycle could be between $207,000 and $270,000. Assuming Bitcoin exceeds $200k per currency, Bennett thinks the digital asset fund after an 80% retraction will be around $50k.

The price of Bitcoin (BTC) reached an all-time high (ATH) of $67,017 on October 20, 2021 and since then the price has dropped about 8% in value. On the same day, cryptocurrency market analyst Justin Bennett posted some insights into the future of Bitcoin on a blog called “Charting Bitcoin’s Next Five Years”, literally translating – “Charting Bitcoin’s next five years”.

Cryptocademy analyst Bennett discusses the fundamentals of the BTC market and also offers an end-of-cycle forecast. Lately, many Bitcoin supporters are suspicious of similar signs to 2013 being on the horizon, and the infamous creator of actions to flow, Plan B, explained who is feeling “2013 vibes”.

The blog post written by Bennett covers Bitcoin bull cycles and talks about the fate of Bitcoin in the next five years.

As Bennett describes:

A look at Fibonacci extensions 2272 and 2414 from the last two cycles show a target area that has been reached both times.

Continued:

If we apply this same area to the current discourse, we have an end-of-cycle goal for Bitcoin between $207,000 and $270,000

Following the end-of-cycle perspective, Bennett details that the last three bear markets that followed the bullish cycles “produced corrections of 94%, 87% and 84%, respectively”.

Graphic from Justin Bennett’s blog post called “Making Bitcoin’s Next Five Years”.

Bennett writes that past data also shows that each bear market was less painful than the last. The analyst points out that these data indicate that the main cryptocurrency, Bitcoin, is becoming a “maturity market”.

According to Bennett, Bitcoin “will likely have diminishing returns and bear market corrections.” The Cryptocademia analyst believes that this final cycle will be no different. “As such, I would expect the next bear market to retreat between 75% and 80% of the peak,” details Bennett. The digital currency market analyst blog post adds:

If we assume Bitcoin hits $200,000+ in this cycle and retreats between 75% and 80% during the next bear market, that would put the next cycle low around $50,000. And that makes perfect sense. $50,000 is a psychological number and is very close to the $65,000 peak that lasted six months recently.

Source: News Bitcoin

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