Bitcoin may reach $14000 in 2022 but the time to acquire Bitcoin is now
A contributor says that Bitcoin is currently a no-brainer investment for potential buyers.
According to research, Bitcoin (BTC) is expected to hit a “cycle bottom” this year, with a decline of nearly 50% from present levels.
In a June 1 tweet, Venturefounder, a contributor at on-chain analytics platform CryptoQuant, predicted that Bitcoin will “capitulate” around 2022 in a Twitter post.
Bitcoin currently has the best three-year ROI in history
This year should be the bearish black sheep of the current four-year cycle, as per past trends involving Bitcoin’s halving cycles, Venturefounder said.
BTC/USD is expected to find a macro floor in 2022, similar to 2018 and its bear market, and based on previous drops from all-time highs, this could be between $14,000 and $21,000.
One tweet stated: “670 days until the next Bitcoin halving, we are on time to BTC performance comparing to past cycles.”
“In the next 670 days, BTC will capitulate in the next 6 months and hit cycle bottom ($14–21k), then chop around in $28–40k in most of 2023 and be at ~$40k again by next halving.”
While such a prediction would not be pleasing to bulls, it would not be unusual. Bitcoin recovered from its December 2018 low of $3,100 to $13,800 seven months later before reverting downward again to a bottom of around $3,600 in March 2020.
Even the 2019 local high was unable to surpass the previous high of $20,000 achieved in December 2017.
Venturefounder thinks the level could reappear on the spot price chart. Even now, those who are ready to follow the trend and invest will be on the right track.
“In other words, 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 added:
“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. “
Bottom-line predictions continue to appear
Meanwhile, others have estimated the likely bottom level at $14,000 or close to it.
That price would be almost 80% lower than the current all-time high of $69,000, which is comparable to the previous cycle’s low in percentage terms.
According to data from on-chain analytics firm Glassnode, current levels of around $31,000 indicate a relatively slight decline.
Rekt Capital, a fellow analyst, estimated a potential goal of $15,500 if BTC/USD falls below its 200-week moving average last month.
It may be tough for sellers to drive the price so low. MicroStrategy, which controls the largest BTC corporate treasury, has stated that it will buy into any BTC collapse reaching the $20,000 level.
Former CEO of trading company BitMEX, Arthur Hayes, has also stated that he would be interested in BTC at a value of $20,000.
