Seeking Alpha 2022-01-25 01:35:41

Bitcoin: Halving Cycle Resumes, Backed By Fundamental Catalysts

Bitcoin's past 2 halving cycles suggest Bitcoin is technically in a bear market since May 2021.This is evident as Bitcoin followed through 3 out of 5 sequences of events in a typical bear market before being disrupted by the launch of NYSE Bitcoin Futures ETF.The recent stock market meltdown caused by inflation, tapering, and rate hikes served as a catalyst to push Bitcoin back into the bear market.The same halving cycle also suggests that Bitcoin will reach at least $100,000 in the next bull run in 2024; this technical observation is also backed by fundamental evidence.With the help of the halving cycle, we identified 3 critical support levels to dollar-cost average into Bitcoin: $30,000, $20,000 and $10,000.

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