Bitcoin’s current price trajectory leaves a lot to be desired, with most concern currently surrounding when the digital asset will bottom out. Numerous predictions have been made since the decline began, and yet Bitcoin remains below $70,000. Nevertheless, this has not stopped the barrage of bottom numbers and price predictions. One of these was shared by crypto analyst Crypto Patel, who started working on it using historical data and performance to track how low the BTC price is likely to fall before going back up.
Bitcoin price could still fall to $50,000
In the analysis, Crypto Patel pointed to previous bear markets and how far the Bitcoin price had crashed each time before recovering. The first of these was the 2018 bear market, when the Bitcoin price crashed 85% after hitting an all-time high of $19,000. Once the crash was over and the bottom was establishedBut Bitcoin price would continue to rally 350%.
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Next on the list was the 2019 crash that caused a 70% Bitcoin crash. This was a continuation of the bear market trend that had already started in 2018, when profit-taking was the order of the day. But just like before, this bleeding would eventually end, and what followed was a 1,500% rally that would see the Bitcoin price reach new all-time highs. It eventually peaked at $69,000 in 2021 before crashing again.
After the 2021 bull market, the year 2022 would trigger the next bear run for the digital asset. With the collapse of crypto giants like Celsius and the FTX crypto exchangeBitcoin price witnessed a 78% crash. But again, after bottoming out and accumulation increasing, the BTC price would eventually rise 750% to surpass $100,000 in the next few years, eventually reaching its most recent all-time high of $126,000.
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Using this trend, the crypto analyst outlines that it is possible that the The price of Bitcoin will continue to fall up to $50,000, to complete a 50% price drop. However, despite the bearish forecast, Crypto Patel predicts that the BTC price will eventually head towards $220,000, which would be an increase of over 300% from $50,000.
However, if we take full account of historical performance, it turns out that with each bear trend, Bitcoin price has fallen by an average of 70% each time. Using this, it is likely that the price of the digital asset will fall below $40,000 and eventually find support around $37,000, if history were to repeat itself.
Featured image of Dall.E, chart from TradingView.com