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The leading cryptocurrency, Bitcoin, has shown renewed upward momentum in recent days. At this point, with $BTC once again surpassing $65,000, new assessments for $BTC have come from Jiang Zhuoer, the founder of the China-based mining pool $BTC.top.
Accordingly, Chinese founder Jiang Zhuoer argued, based on Bitcoin’s historical four-year cycle, that the current correction has not yet reached the level of previous bear markets in terms of duration or depth.
At this point, Zhuoer argues that if past cycles repeat themselves, $BTC could fall to $44,016 by the end of October.
Jiang noted that the previous three major bear markets followed a very similar pattern in terms of both duration and price decline, adding that this year has not yet reached that range. At this point, Jiang suggests that the current downward trend may continue.
Based on past cycles, Jiang says that the maximum declines were 86.9%, 84.1%, and 77.6%, and for the current cycle, he predicts a more limited but still sharp pullback of 65.1%.
Analyzing that Bitcoin’s price could fall to $44,016 if this limited decline scenario materializes, Zhuoer stated that the potential bottom could be seen by the end of October.
*This is not investment advice.
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