Bitcoin Market Cycle Analysis Predicts Potential Price Bottom

The cryptocurrency market remains under pressure as Bitcoin struggles to break above the key $70,000 resistance zone.

Market analyst Yonsei_dent has identified a potential price bottom of the present market cycle using historical cycle patterns. By analyzing the Supply in Profit metric, Yonsei_dent found that the duration of Bitcoin's Supply in Profit in the bottom zone in 2022 was six months.

In this case, if the same length of the bottom phase is applied to the current price chart, it represents a 70%-75% drawdown price projection for the present market cycle. This suggests that prices could potentially drop as low as $31,500-$38,000 in the near future.