People in the digital world have been waiting for the storm to pass as it continues to wither crypto assets. Torrential whiplash from various factors has reduced the business to a market cap of $850B. A significant part of the brunt is borne by flagship cryptocurrency Bitcoin, which has fallen below its ATH from the previous cycle.
BTC price at press time is changing hands at $19,363.3, with negative gains of 8.03%. The capo grazed the $18,845.1 levels today. Meanwhile, investors and traders are eagerly waiting for the market to return to normal. An industry advocate brings hopium to the community amid prevailing FUD and panic.
Is a trend reversal fast approaching on the horizon?
a renowned proponent from the industry brings optimism amidst all the negativity, by shedding light on the Bitcoin halving event. The protagonist cites that Bitcoin’s cyclical bottom was around 780-880 days, after each of the previous halvings. And that 767 days have passed since the halving on November 5, 2020.
In a coincidence, the crypto star is inching closer to its HTF log support curve. Supply and demand economics is known to validate the halving model and the imaginary log support curve. While block rewards drive total supply inflation, BTC miners provide constant selling pressure in the market.
The graph prepared by the supporter shows the graph of the price of BTC against the total supply. Learning from the chart, despite swings in price, BTC has been swinging along with halving reward eras. Since the effect of supply inflation, the price gradually decreases over time. Now it almost seems to flatten out.
In short, although it is the first time in the history of Bitcoin that it has broken below the ATH of the previous cycle. It is also the first time that the log support curve intercept has been seen below the ATH of the previous cycle. Collectively, the proponent believes that the bottom of the bear market is not far away.
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This post Is Bitcoin now nearing the bottom of the bear market?
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