Bitcoin Historical Cycle Pattern Points To $31,500 | Crypto News
Bitcoin price struggles persist as the premier cryptocurrency is yet to break above the key $70,000 resistance zone, suggesting the market stays at risk of a deeper correction. Notably, common market analyst Yonsei_dent has shared an remark that backs these bearish traders’ expectations.
Bitcoin Supply In Profit Metric Shows Potential 75% Drawdown
In a Quicktake post on CryptoQuant, Yonsei_dent has recognized a potential price backside of the current market cycle, contemplating the meltdown in latest months. Since October, the main cryptocurrency has misplaced over 45% of its market worth, with costs dropping as low as $60,000 from an all-time high of $126,000.
Using the Supply In Profit on-chain indicator, Yonsei_dent maps out the attainable extent of Bitcoin’s price decline when in the underside zone, based on historic cycle drawdown intervals. For context, the Supply in Profit measures the portion of the whole circulating Bitcoin whose current market price is greater than the price at which those cash last moved.
It’s an important cycle indicator, as the Supply in Profit approaches excessive highs when close to cycle tops, and compresses sharply when close to cycle lows. Yonsei_dent explains that the length of Bitcoin Supply in Profit in the underside zone in 2022 was six months. During this market cycle, Bitcoin had initially hit an all-time high of $69,000 before crashing by 77% to around $15,500.
According to the market analyst, if the same size of the underside part was positioned on the current price chart, it represents a 70%-75% drawdown price projection for the current market cycle. In this case, Bitcoin is anticipated to discover a price low within a vary of $31,500 – $38,000, suggesting a additional potential 41%-51% decline from the current market costs.
Bitcoin Price Overview
At the time of writing, Bitcoin trades at $63,553 following a 5.84% loss in the last 24 hours. Meanwhile, its daily trading quantity is up by a minor 0.54% and valued at $40.04 billion. The premier cryptocurrency also studies a damaging efficiency on its weekly and month-to-month charts, with respective losses of 6.21% and 27.11%. Unless the market bulls convincingly reclaim the long standing $70k resistance, market sentiment is probably going to stay fragile and costs weak to extra draw back or extended consolidation in the close to time period.
Stay up to date with the latest trending crypto news! Visit our web site daily for the freshest Crypto news and content, rigorously curated to keep you informed.



