Bitcoin master PlanB says that the price of Bitcoin (BTC), which is expected to reach $100,000 in December 2021, has failed as it has already been in a bear market since April 2021. According to the analyst, currently, the BTC price is forming a bottom as we are witnessing strong pressure in the Bitcoin market and the bull market will soon follow.
PlanB predicts the bottom and the next bull market for BTC
As we have covered in the news of Cryptokoin.com , PlanB in 2021, BTC projected $100,000 in December 2021, based on the Stock-to-Flow model. However, BTC price entered a bear market after hitting almost $69k in November.
PlanB now says that the pressure seen in the market is a result of Bitcoin setting a new low. According to the new data shared, the BTC price is expected to make a bottom in the next half of 2022, possibly in October. After that, a bull market will start pushing prices towards 100,000. The analyst says:
December 2021, I was still hoping for the 2nd leg of the bull market. However, in the first quarter of 2022, it was understood that this Bitcoin bull market was over. We have entered a bear market since the April 2021 peak. Now we make a bottom. Then a new bull market will start. BTC cycles.
Bitcoin (BTC) 2 YEARS MA / Source: PlanB Important analysts such as Peter Brandt and Michaël van de Poppe also shared the same scenario. Recently, Peter Brandt predicted a bottom near the $27,000 level where a rally could be seen. Michaël van de Poppe also thinks that the Bitcoin price could slide around $28,000 for a new bull recovery.
Bitcoin ‘Mid-Halving Correction’ based price prediction
The Bitcoin halving correction on April 11 was an important event for identifying upcoming price trends. According to the data, BTC price could enter a long bear market if the price fails to surpass the $50,000 level. Currently, BTC is moving exactly according to its historical price trend. Also, the recent crypto market crash indicates that the BTC price has entered a bear market.
Bitcoin Mid-Halving Fix / Source: Santiment. The pattern also points to a BTC rally after October, possibly at the end of the year. Analysts say this could mean that the BTC price will continue to trade in the 32k-27k range and investors will have to wait a little longer to make new entries.
