Bitcoin Slides to $29,639 as Fears of Larger Pullback Linger

Bitcoin is down over 6% from yesterday’s high, leaving the current price north of $29,000. Yesterday, buyers took profits just under the 33,000 mark, which led to the pullback in price. 

If Bitcoin follows past trends with its historical four year halving cycles, the price should bottom at $14k-$21k. Then, the price should be returning to $40k approaching the next halving in Q1 of 2024, according to @Venturefounder, a CryptoQuant analyst on Twitter. Investors seem to be aware of the potential selloff and sell whenever the price attempts to climb, and these sellers extinguish any attempts at a bull run in the meantime.

On the other hand, such a large cascade in price would face strong opposition from long-term Bulls. Both Michael Saylor of Microstrategy, and Arthur Hayes of BitMEX, expressed strong interest in deploying free cash into BTC if the price is to fall under $20k.

Not knowing where the actual bottom is, means now could be an ideal time to increase position size or reduce a cost basis from purchases near the top. Ventirefounder, in the previously mentioned tweet, stated, “Buying Bitcoin from this point to the next 6-12 months is as good as it gets. Probably the best 3-year % ROI ever.” He said, “we may not be at THE cycle bottom, but we are within the range of BTC cycle bottoms. This is the best you can do when timing the market cycles.”

In the near-term, if Bitcoin is to close north of $30,000 at the end of the week, it signals a downside exhaustion signal confirming a bullish signal in the short term. If the price fails to meet the $30,000 mark, support is found at $27,500, $25,000, and $17,673, according to Venturefounder's analysis.

Author: Garrett Meifert

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