The Bitcoin price is now very close to losing the multi-month higher-low support as the prices dropped below $19,000 during the early trading hours. The past weekend proved to be extremely bearish for the crypto markets and BTC in particular, as the price lost its grip over the crucial $20,000 level.
Additionally, the bulls appear to be extremely weak at the moment and are sidelined. It’s safe to say that we should not expect any bullish action in the coming days.
In such a scenario, How will the altcoins hold up and perform?
Altcoins like Cardano, Solana, Dogecoin, Polkadot, etc. have been corrected for quite a long time now by shedding more than 80%. However, with the prevailing BTC price plunge, the altcoins are also expected to retrace by another 90% shortly as the trend is expected to intensify towards the south.
When Will Bitcoin Hit The Bottom?
With the latest bearish action, Bitcoin has substantiated the bearish trend and is likely to drain further. After a gigantic bull run in 2021, the year 2022 is expected to remain bearish until the end. Therefore, the BTC price is also expected to reach the bottom nearly 550 days before the next halving.
The analyst here relates the time when the BTC price reached the bottom to the upcoming halving. Therefore, after bottoming 547 days & 517 days before the 2015 & 2018 halving, now is the time when BTC reaches its bottom 517 to 547 days before the next halving. The upcoming halving is in April 2024 & 550 days before the halving which falls in the coming Q4 2022.
Therefore, as per some analysis, Bitcoin usually bottoms out in a maximum of 900 days after the halving and hence the bottoms may be achieved in the next 2-3 months. However, with just 500 days remaining for the next halving, Bitcoin’s (BTC) price surges marginally, which indicates the bottoms are approaching very fast.