The price of bitcoin in October has shown signs of a double-bubble similar to the bull run in 2013, and speculators have been trying to guess the leading crypto asset’s top. On October 20, cryptocurrency market analyst Justin Bennett discussed bitcoin’s possible price floor after it reaches the top. Bennett suggests the end of this cycle could be between $207,000 and $270,000. Assuming bitcoin crosses $200K per coin, Bennett thinks the digital asset’s bottom after an 80% pullback will be around $50K.
“If we apply that same area to the current rant, we get an end-of-cycle target for Bitcoin between $207,000 and $270,000,” the analyst adds. Following the end cycle outlook, Bennett details that the last three bear markets that followed the bull cycles have “produced corrections of 94%, 87%, and 84% respectively.”
Predicting the Lowest of Lows
Bennett’s prediction follows the recent bitcoin price model crafted by Will Clemente. The lead insights analyst at Blockware Solutions, Will Clemente, tweeted about a new bitcoin price model called the “Illiquid Supply Floor” in mid-September. “Introducing: ‘Illiquid Supply Floor,’” Clemente tweeted on September 15. “This combines Glassnode’s illiquid supply data with Plan B’s traditional S2F model, creating a price floor based on Bitcoin’s real-time scarcity. Currently $39K,” he added at the time.
There’s been a number of people attempting to call bitcoin’s price top and some even believe a single “bitcoin will eventually be equivalent to $1 million.” Bennett’s and Clemente’s recent statements touch upon bitcoin’s price bottom and the lowest of lows. Both of these predictions combined indicate that the lowest of lows following this bull cycle’s top could be anywhere between $39K to $50K.
Source from Bitcoin.com
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