The downward trend in Bitcoin, which began in May, is still ongoing, with the price falling to around $58,000.
While this situation has increased predictions of a bottom for BTC, there are still numerous analyses suggesting that the decline may continue.
At this point, Samson Mow, CEO of Jan3 and considered one of the Bitcoin maximalists in the market, argues that Bitcoin has already bottomed out and that the current four-year halving cycle is accelerating.
Speaking to Coindesk, Mow noted that Bitcoin reached its all-time high 37 days before the halving in April 2024, and said the following:
“The breaking of the all-time high before the halving means that the current cycle has changed compared to previous cycles and its timing has been brought forward.”
Based on the past four-year cycle, while there’s a view that the bottom is yet to come and will be reached in a few months, I think it’s more logical to consider that the cycle is accelerating, given that BTC reached a new ATH before the halving.”
Although Mow believes the market has bottomed out and the cycle is accelerating, his expectations regarding the market’s bottom remain mixed.
According to market analyst Omkar Godbole, there is a possibility that Bitcoin’s 50-week and 100-week moving averages are forming a pattern called a “bearish cross.” This is interpreted as a signal of further decline.
On the other hand, Markus Thielen, founder of 10x Research, states that Bitcoin is likely to bottom out between August and October, around $55,000.
BitMEX co-founder Arthur Hayes, however, offers a bearish outlook, predicting that the price of Bitcoin could fall to $40,000 within the next six months.
Lastly, analyst James Van Straten also argues that Bitcoin could fall by more than 15% and potentially test the $50,000 to $54,000 range.
*This is not investment advice.
