Mr. Voell analyzed the performance of Bitcoin (BTC), the largest cryptocurrency, in all past "bearish" cycles, i.e., periods between the tops and bottoms of the BTC price.
Bitcoin (BTC) might drop below $14,000 soon, this model suggests
Mr. Voell took to Twitter yesterday, on Oct. 10, 2022, to share the comparative model of Bitcoin's (BTC) price behavior in bearish cycles.
Bitcoin Bear Market Progress Update: pic.twitter.com/NNQcgDgcjO— Zack Voell (@zackvoell) October 10, 2022
This model tracks the performance of Bitcoin (BTC) in 2011, 2013-2015, 2017-2018 and during the ongoing cycle that started in November 2021.
It looks like the two last cycles have stolen over 80% of Bitcoin's (BTC) peak price. Should history repeat itself, Bitcoin (BTC) might bottom at $13,800.
Meanwhile, the 2011 bearish cycle resulted in a 95% Bitcoin (BTC) price drop. However, it happened when Bitcoin (BTC) adoption was still in its infancy.
Surprisingly, Bitcoin (BTC) remains most profitable asset in Q3, 2022
Commentators on Mr. Voell's post are excited by the upcoming "buy the dip" opportunities as the digital gold might become even more affordable.
Despite the pale performance, Bitcoin (BTC) managed to become the most profitable of all assets in Q3, 2022.
As per statistics shared by fintech heavyweight NYDIG, only Bitcoin (BTC), precious metal and cash were profitbale in Q3.
By press time, Bitcoin (BTC) is changing hands at $19,111 on major spot exchanges.