As we are witnessing significant movement in the technical path of the crypto market and the world of blockchain, we must delve into the current structure of the market as we approach the end of this year..
Today is the 66th day since the beginning of the major decline from the peak of 126 thousand dollars for Bitcoin, and the price has reached 82 thousand dollars with a change rate of 36%. Currently, Bitcoin is trading at a price of 90 thousand dollars. If we compare the price behavior in previous years, we are on a logical technical path and there are no indications of a collapse in the structure. Even if Bitcoin drops to the seventies and sixties, you are within a significant correction (bear market) necessary to avoid excessive inflation and also to build a sound structure capable of rising technically in the future without gaps..
But the problem we are addressing is the change in the time structure of the market cycle. Will we witness a historical transformation and have we actually entered a new era of an extended cycle that differs from its predecessors? Anything is possible, and it is wonderful to witness this era, to be part of this transformation, and to embark on a new experience from which we learn how to read the future of this market despite the significant losses incurred by traders since the dramatic drop on 10/10 in alternative currencies.
The halving: We are also approaching the date of the next halving of the Bitcoin core, and this is the main comparison point. Our next date for the halving is in 2028, about 28 months from now. How was the price behavior of Bitcoin and the market in previous halvings?
Bitcoin has often traded in a large consolidation range at the bottoms after the bearish season, and as soon as it breathes a little upwards, the halving date comes. This behavior is repeated in all previous cycles, as shown in the attached image of the Bitcoin core halving cycle.
From the above, we conclude that we still have a long time until the next halving and that we will witness a strong path for Bitcoin during this upcoming period. It cannot be determined where the bottom will be from any side, as this depends on liquidity, supply and demand, and economic and political news around the world. However, it is fair to say that the bottom will be in the seventies, as it is the fair price that will enable Bitcoin to rise again to continue its artistic journey and great future.
It is expected that the price of Bitcoin will reach approximately $200,000 during the next cycle according to technical models in wave analysis, also due to scarcity and limited supply versus demand, where the Bitcoin mining rate in 2028 will be 1.56 Bitcoin every ten minutes within the block and at a rate of 210,000 blocks over 4 years, totaling 327,600 Bitcoin only. Meanwhile, during this cycle, as we are in the middle of it, 655,200 Bitcoin pieces will be mined starting from April 2024 until April 2028.
Bitcoin is a bright future and a smart investment.. So do not treat the market in bearish conditions as a failed market, for you do not see the future with your own eyes, and success in this market is long-term and smart investment, controlling emotions and feelings.
As for alternative currencies, try to invest in real projects with a future vision, an organized team, and a clear vision.
And if you are one of the speculators, my dear, you need to learn trading strategies and technical analysis, and do not rely on others for entering your trades, for you will certainly face disappointment and consecutive losses. No one will take responsibility for your losses but you.
Greetings to you, and I wish you good luck.. Abu Karim..
