Bitcoin Historical Cycle Pattern Points To $31,500 Bottom Target – Details

Market analyst Yonsei_dent predicts Bitcoin could drop to $31,500-$38,000 based on historical cycle patterns and the Supply In Profit indicator. This would represent a 70-75% drawdown from the cycle high, similar to the 2022 bear market that lasted six months in the bottom zone.

• →Bitcoin has declined over 45% since October, dropping from $126,000 all-time high to current levels around $63,500.
• →Historical analysis using Supply In Profit indicator suggests potential bottom target of $31,500-$38,000.
• →The projected drawdown of 70-75% mirrors the 2022 cycle where Bitcoin fell 77% over six months.
• →Bitcoin struggles to break above the key $70,000 resistance level, indicating continued bearish pressure.
• →Current price action shows 5.84% daily decline with negative weekly and monthly performance of 6.21% and 27.11% respectively.