There is news from the famous Bitcoin analyst PlanB, who is known for his accurate predictions. He recently shared his views on the current state of the Bitcoin market on Twitter. According to his tweet, Bitcoin is currently in the early stages of the seventh month of the bull market. PlanB has been claiming for some time that the Bitcoin bull market started earlier this year.
Interesting Bitcoin trajectory from PlanB
In a tweet, PlanB states that Bitcoin BTC market cycles tend to follow a clockwise pattern. On the other hand, he explains his reason accordingly. He also highlights that, based on his analysis, Bitcoin has historically experienced an increase in value for about three years. Accordingly, he states that he experienced a decrease in the following year.
Charlie Bilello, CEO of investment advisory firm Compound Capital Advisors, backs this claim. Accordingly, it shares Bitcoin’s return data from year to year. The data draws attention to earlier examples. Accordingly, it shows that Bitcoin experienced significant growth in the year following a halving event. It also reveals that it lost value two years after the halving. This pattern seems to be repeating itself, with Bitcoin rising sharply this year, two years after its most recent halving in 2020. The first half of this year saw an impressive 80% increase in the price of Bitcoin.
BTC price challenges
Last year, Bitcoin faced a lot of difficulties, which caused a significant drop. As of November 19, 2022, Bitcoin had suffered a 65% loss rate since early 2022. Internal vulnerabilities such as the Luna and FTX incidents were on the agenda. In addition, external factors such as fiscal austerity measures also contributed to the market decline.
Despite these obstacles, however, Bitcoin has managed to overcome traditional adversities. This year, the bull market has resumed. If historical patterns continue, the market will continue to improve for more than two years in the future after a three-year bullish and one-year bearish cycle.
Speculation continues
Bitcoin has overcome previous setbacks such as stock market hacks and Chinese government regulations. However, Bloomberg predicts that the cryptocurrency could face challenges if the global economy suffers a downturn in the second half of this year. Speculation revolves around whether Bitcoin can overcome this new hurdle presented by a potential economic recession.
Hacking events on Bitcoin exchanges and regulatory actions by Chinese and Korean authorities have triggered significant price drops in the past. The notorious market crash in 2014 resulted in Mt. It was a result of Gox being hacked. On the other hand, we should not forget the regulatory measures taken by the Chinese and Korean authorities in 2018. cryptocoin.com When we look at it as a whole, all this led to another market crash.
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