Despite Bitcoin’s plunge to $59,000 sparking extreme panic across cryptocurrency markets, not everyone is worried about the move. For some, this move was expected and means that cryptocurrency prices are indeed progressing as planned. One of those who sees this move as a good thing is cryptocurrency analyst Alex Mason. He expects this to happen and revealed what the next step for Bitcoin price will be.
‘Natural’ trajectory of Bitcoin price
In Mason’s analysis, he explains what is happening to the price of Bitcoin and why it has fallen so much. With the bear market continuing for over a year, the analyst explains that the recent selloff means Bitcoin price is finally getting closer to the bottom of the bear market.
The latest move means that BTC price has now entered what cryptocurrency analysts call the final stage of the bear market. This is where a bear market takes shape and the crash to $59,000 followed by the recovery to $61,000 is really a confirmation of where the price is in this cycle.
Given these two price points in play, cryptocurrency analysts predict that the next move will be more bullish. This would mean a recovery to the $65,000 level. However, this is unlikely to be the optimistic confirmation the market has been waiting for.
Instead, the recovery will only set the stage for the next move, which will be a big selloff to the $57,000 level. This will act as initial support during the downtrend, but will likely end with a deeper correction towards the $40,000 level. If the price finds support at $47,000, then the real movement will begin.
A move into bullish territory from the $47,000 low is expected to push the Bitcoin price back into six-digit territory. At the top, cryptocurrency analysts expect the BTC price to reach $200,000, which would imply an increase of over 200%.
Crypto analysts have previously noted this move, using Bitcoin rainbow charts to plan the move. Previous analysis has shown Bitcoin’s peak price well above $200,000, suggesting it will reach $400,000 at the peak of the 2029 cycle.
Featured image by Dall.E, chart by TradingView.com
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