The leading cryptocurrency, Bitcoin, has been showing a new upward trend in recent days. Currently, as $BTC has again surpassed the $65,000 mark, new assessments for $BTC have come from Jiang Zhuo'er, the founder of the Chinese mining pool $BTC.top.
Accordingly, Chinese founder Jiang Zhuo'er, based on Bitcoin's historical four-year cycle, claimed that the current correction has not yet reached the levels of previous bear markets in terms of either duration or depth.
At this stage, Zhuo'er asserts that if past cycles repeat, the price of $BTC could fall to $44,016 by the end of October.
Jiang noted that the three previous major bear markets followed very similar patterns in terms of both duration and price declines, adding that such a trend has not been seen this year. Currently, Jiang suggests that the current downtrend may continue.
According to Jiang, based on data from past cycles, the maximum drawdowns were 86.9%, 84.1%, and 77.6%, and for the current cycle, he predicts a more limited, yet still sharp, decline of 65.1%.
Analyzing the scenario of a limited Bitcoin price drop, Zhuo'er noted that under such a scenario, the price could fall to $44,016, and suggested that the potential bottom might be reached by the end of October.
*This is not investment advice.
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