Bitcoin price is now very close to losing multi-month upper-low support as prices fell below $19,000 during the first few hours of trading. Last weekend proved extremely bearish for the crypto markets and BTC in particular, as the price lost its grip on the crucial $20,000 level.
Additionally, the bulls appear to be extremely weak at the moment and are sidelined. It is safe to say that we should not expect any bullish action in the next few days.
In such a scenario, how will altcoins hold up and perform?
Altcoins like Cardano, Solana, Dogecoin, Polkadot, etc. have been fixed for quite a long time now losing over 80%. However, with the current BTC price drop, altcoins are also expected to come back another 90% shortly, as the trend is expected to intensify to the south.
When will Bitcoin bottom out?
With the latest bearish action, Bitcoin has confirmed the downtrend and is likely to deplete further. After a gigantic bull run in 2021, the year 2022 should remain bearish until the end. Therefore, the price of BTC is also expected to bottom almost 550 days before the next halving.
The analyst here chronicles when the price of BTC bottomed out with the upcoming halving. Therefore, after hitting bottom 547 days and 517 days before the 2015 and 2018 halving, now is the time when BTC bottoms out 517-547 days before the next halving. The next halving will take place in April 2024 and 550 days before the halving which will take place in the next fourth quarter of 2022.
Therefore, according to some analysts, Bitcoin usually bottoms out within a maximum of 900 days after the halving and, therefore, the bottom can be reached within the next 2-3 months. However, with only 500 days left for the next halving, the price of Bitcoin (BTC) is rising slightly, indicating that the lows are approaching very quickly.