>Bitcoin may hit $14K in 2022
Bitcoin (BTC) faces a “cycle bottom” this year in which it could drop over 50% from current levels, research claims.
In a Twitter thread on June 1, Venturefounder, a contributor at on-chain analytics platform CryptoQuant, forecasted 2022 as Bitcoin’s year to “capitulate.”
Bitcoin now has “best 3-year ROI ever”
Based on historical patterns involving Bitcoin’s halving cycles, this year should be the bearish black sheep of the current four-year cycle, Venturefounder wrote.
Just like 2018 and its bear market, BTC/USD should find itself a macro floor at some point in 2022, and when calculating previous dips from all-time highs, this could be anywhere between $14,000 and $21,000.
“670 days until the next Bitcoin halving, we are on time to BTC performance comparing to past cycles,” one tweet explained:
“In the next 670 days, BTC will capitulate in the next 6 months and hit cycle bottom ($14-21k), then chop around in $28-40k in most of 2023 and be at ~$40k again by next halving.”
Such a prognosis, while not music to the ears of bulls, would not be without precedent. After hitting $3,100 in December 2018, Bitcoin managed a recovery to $13,800 seven months later before reversing downhill again to bottom at the March 2020 lows of $3,600.
Even the 2019 local high was not enough to beat the record high of the time set in December 2017 — $20,000.
That level could yet again become a feature of the spot price chart, Venturefounder believes. Those willing to ride the wave and invest — even now — will nonetheless be on the right side of history.
“In other words, buying Bitcoin from this point to the next 6-12 months is as good as it gets. Probably the best 3-year % ROI ever,” he added:
“We may not be at THE cycle bottom, but we are within the range of BTC cycle bottoms. This is the best you can do when timing the market cycles.”
>https://cointelegraph.com/news/bitcoin-may-hit-14k-in-2022-but-buying-btc-now-as-good-as-it-gets-analyst