Bitcoin continues to struggle to hold the $26,000 support level as bearish sentiment continues to dominate the market. The pullback in recent weeks has led to speculation that the digital asset could be headed for a new cycle low. However, one crypto analyst firmly believes that Bitcoin has already bottomed out.
Crypto analyst PlanB says $15,500 was Bitcoin bottom
In November 2022, FTX, the second largest cryptocurrency exchange in the world at the time, collapsed and filed for bankruptcy after a massive bank run. This collapse reverberated through the market and caused a massive crash of crypto assets in the space. As a result, Bitcoin was in a freefall above USD 30,000 before bottoming out at USD 15,500.
In January 2023, PlanB told its more than 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 position.
PlanB said in a tweet on Sunday that it is sticking to the previous prediction it made six months ago that Bitcoin would rise toward the 2024 halving. At the same time, it also reiterated its $32,000 2024 halving price.
I still stand by my January 12th #Bitcoin display:
– Nov 2022 $15.5K was the bottom (50% disagree!)
– Rise to halving in 2024 (from $18K on January 12)
– Up Next: Halving price above $32K https://t.co/V74Y8VYCVo pic.twitter.com/bfEOEqiBAv— PlanB (@100 trillion USD) 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 represent a 20% addition from the current price. Interestingly, the analyst also predicts that the price of BTC will cross $100,000 by 2025.
BTC could look further
The current market trend could play a role in PlanB’s prediction for Bitcoin’s future. The digital asset has been consolidating to the downside for a few weeks now, which could mark an opportunistic level for a rebound. If this happens, the cryptocurrency could easily retake $30,000 as long as the bulls can maintain momentum.
BTC price reclaims $26,500 resistance | Souce: BTCUSD on TradingView.com
BTC has also successfully moved above its 100-day moving average, signaling 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 is also approaching, which has been a historic bullish event for the price of the digital asset. Every bull market has started with a Bitcoin halving, which gives enough reason to believe that the next bull market will start in 2024.
Currently, the price of BTC is changing hands at $26,519, down 0.35% in the last 24 hours, but with a gain of 1.53% on the weekly chart.