Bitcoin’s current price trajectory leaves a lot to be desired, and the biggest concern right now is when the digital asset will bottom out. There have been countless predictions since the decline began, and yet, Bitcoin remains below $70,000. However, that hasn’t stopped the bearish call bar and price predictions. One of them was shared by crypto analyst Crypto Patel, who used historical data and performance to track how low the price of BTC will go before reversing upward.
Bitcoin price may still fall to $50,000
In the analysis, Crypto Patel pointed to previous bear markets and how far the price of Bitcoin has fallen each time before recovering. The first of these was the bear market of 2018, when the price of Bitcoin crashed 85% after reaching a high of $19,000. Once the crash is over and the bottom is set, the price of Bitcoin will continue to record a 350% rally.
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On the list was the crash of 2019, which caused Bitcoin to fall by 70%. This was a continuation of the bear market trend that started in 2018 as profit taking was the order of the day. However, as before, this bleeding eventually came to an end and was followed by a 1,500% rally that saw the price of Bitcoin reach new all-time highs. It eventually reached $69,000 in 2021 before falling again.
After the bull market in 2021, 2022 will start the next digital asset run. With the collapse of crypto giants like Celsius and crypto exchange FTX, the price of Bitcoin witnessed a 78% crash. But once again, after bottoming out and rallying, the price of BTC would eventually rise by 750% to cross $100,000 over the next few years and eventually reach its most recent all-time high of $126,000.
Related Reading: Bitcoin Fear Has Only Been This Low Twice In History, Here’s What Followed Each Time
Taking advantage of this trend, the crypto analyst notes that there is a possibility that the price of Bitcoin will further fall to $50,000 to complete a 50% price drop. However, despite the bearish prediction, Crypto Patel predicts that the price of BTC will eventually reach $220,000, which is more than a 300% increase from $50,000.
Taking into account the full historical indicators, it shows that with each bear trend, the price of Bitcoin has fallen by an average of 70% each time. Using this, the price of the digital asset is likely to drop below $40,000 and eventually find support around $37,000 if history repeats itself.
Featured image from Dall.E, chart from TradingView.com
