Currently, the Bitcoin (BTC) price is creating a bottom as we are witnessing strong pressure in the Bitcoin market. The bull market will soon follow.
PlanB Postulates the Next Bull MarketPreviously in 2021, PlanB predicted $100k in December 2021 based on the Stock-to-Flow model. However, the BTC price moves into the bear market after making a high of almost $69k in November. Since then, the price has made a low of $26,350 on May 12.
PlanB now says the pressure seen in the market is a result of Bitcoin (BTC) forming a new bottom. As per new data shared, the BTC price is expected to form a bottom in the next half of 2022, possibly in October. Thereafter, a bull market will start, pushing prices towards 100k.
“Dec 2021 I was still hoping for a 2nd leg of the bull market. But in Q1 2022 it became clear that this bitcoin bull market was over. We entered a bear market since Apr 2021 peak (yes ATH was Nov 2021). Now we are creating a bottom. Then a new bull market will start. BTC cycles.”
Notable analysts such as Peter Brandt and Michaël van de Poppe had also shared the same scenario. Recently, Peter Brandt had suggested a bottom near the $27,000 level from where a rally could be seen. Michaël van de Poppe also thinks the Bitcoin (BTC) price could slip around the $28,000 level for a fresh bullish recovery.
Moreover, a buildup of short positions and liquidation of long positions for quite some time now explains the price momentum. Whales buying and selling are currently maintaining the price near the $30,000 level.
Price Forecast Based on the Bitcoin Mid-Halving CorrectionBitcoin mid halving correction on April 11 was an important event to determine the upcoming price trends. According to the data, the BTC price could move into a long bear market if the price fails to surpass the $50k level. Currently, Bitcoin is moving exactly as per the historical price trend. Moreover, the recent crypto market crash indicates the Bitcoin (BTC) price has moved into a bear market.
The model also indicates a Bitcoin rally after October, possibly at the end of the year. That could mean the BTC price will continue to trade in the range of 32k-27k level and investors have to wait a little longer to make fresh entries.