{"id":499988,"date":"2022-08-25T15:09:51","date_gmt":"2022-08-25T15:09:51","guid":{"rendered":"https:\/\/wncen.com\/?p=499988"},"modified":"2024-06-11T14:23:00","modified_gmt":"2024-06-11T14:23:00","slug":"bitcoin-nears-historical-bottom-territory-whats-next-for-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-nears-historical-bottom-territory-whats-next-for-btc\/","title":{"rendered":"Bitcoin Nears Historical Bottom Territory, What’s Next For BTC?"},"content":{"rendered":"

Bitcoin has closed about important resistance but continues to move sideways in the last 24 hours as the altcoins sector shows more strength. The first cryptocurrency by market cap might be forming a range between its yearly low at around $18,000 with a top near its previous highs.<\/p>\n

Related Reading: WATCH: Will Powell\u2019s Friday Speech Send Bitcoin Soaring? Daily TA August 25, 2022<\/a><\/strong><\/div>\n

At the time of writing, Bitcoin (BTC) trades at $21,600 with sideways movement in the day and a 7% loss over the past week.<\/p>\n

\"Bitcoin
BTC’s price with minor gains on the 4-hour chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Trader Josh Rager shared a potential thesis for the price of Bitcoin and its future performance. The cryptocurrency has historically formed a bottom for a certain amount of time after the Halving.<\/p>\n

The event that reduces the reward for mining a Bitcoin block, the Halving has been a consistent indicator of BTC\u2019s future performance. In the past, as seen below, every one of these events has been followed by a massive rally.<\/p>\n

In 2017, Bitcoin rose from below $3,000 to its previous all-time high of $20,000. In 2012, BTC\u2019s price crossed the $10 barrier and rose above $100 for the first time since its inception.<\/p>\n

In 2020, Bitcoin went from a low of $3,000 to its current all-time high of $69,000. Each of these massive bull runs was followed by downside price action, similar to what BTC\u2019s price has seen since late 2021, and long consolidation periods.<\/p>\n

Bitcoin can spend years moving sideways in a range before breaking out into price discovery. Rager believes the new range could form between $18,000 and $48,000. BTC could move between the top and bottom of that range until the next Halving event in 2024. The trader said<\/a>:<\/p>\n

If you zoom in you’ll notice a range could be forming from the local bottom near $18k Over the course of the next 18 months (prior to the next BTC halving) could logically retest where price broke down next $48,000 or $50k for psychological purposes. Prior to the last BTC halving, Bitcoin price created a range with a higher-low (March crash). And the range high (daily\/weekly close) acted as the key level that price would break before it’s first to over $60k. We could potentially see similar around $50k.<\/p><\/blockquote>\n

\"Bitcoin
Source: Josh Rager via Twitter<\/figcaption><\/figure>\n

Why Bitcoin Is Likely To Trade North Of $100K In 2024<\/h2>\n

This prediction should materialize in the coming months with BTC seeing a top at $50,000, as Rager mentioned. In the future, the cryptocurrency could reclaim previous highs and re-enter price discovery.<\/p>\n

Related Reading: Ethereum ETH Back On Track Race, Will ETH Reclaim $2,000 again?<\/a><\/strong><\/div>\n

However, each time BTC appreciates after a Halving, its profit percentage decreases. Therefore, it is unlikely that the cryptocurrency would rise to $1 million, as many have predicted. Rager believes around $200,000 should be a vital price target. The trader concluded:<\/p>\n

Again pure speculation here with both timing and price. I’m not one to want to predict the price of Bitcoin but what I can say is I expect 18 more months of a large range for Bitcoin. Followed by fireworks after the next BTC halving March\/April 2024 up through 2025.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has closed about important resistance but continues to move sideways in the last 24 hours as the altcoins sector shows more strength. The first cryptocurrency by market cap might be forming a range between its yearly low at around $18,000 with a top near its previous highs. Related Reading: WATCH: Will Powell\u2019s Friday Speech Send Bitcoin Soaring? Daily TA August 25, 2022 At the time of writing, Bitcoin (BTC) trades at $21,600 with sideways movement in the day and a 7% loss over the past week. Trader Josh Rager shared a potential thesis for the price of Bitcoin and its future performance. The cryptocurrency has historically formed a bottom for a certain amount of time after the Halving. The event that reduces the reward for mining a Bitcoin block, the Halving has been a consistent indicator of BTC\u2019s future performance. In the past, as seen below, every one of these events has been followed by a massive rally. In 2017, Bitcoin rose from below $3,000 to its previous all-time high of $20,000. In 2012, BTC\u2019s price crossed the $10 barrier and rose above $100 for the first time since its inception. In 2020, Bitcoin went from a low of $3,000 to its current all-time high of $69,000. Each of these massive bull runs was followed by downside price action, similar to what BTC\u2019s price has seen since late 2021, and long consolidation periods. Bitcoin can spend years moving sideways in a range before breaking out into price discovery. Rager believes the new range could form between $18,000 and $48,000. BTC could move between the top and bottom of that range until the next Halving event in 2024. The trader said: If you zoom in you’ll notice a range could be forming from the local bottom near $18k Over the course of the next 18 months (prior to the next BTC halving) could logically retest where price broke down next $48,000 or $50k for psychological purposes. Prior to the last BTC halving, Bitcoin price created a range with a higher-low (March crash). And the range high (daily\/weekly close) acted as the key level that price would break before it’s first to over $60k. We could potentially see similar around $50k. Why Bitcoin Is Likely To Trade North Of $100K In 2024 This prediction should materialize in the coming months with BTC seeing a top at $50,000, as Rager mentioned. In the future, the cryptocurrency could reclaim previous highs and re-enter price discovery. Related Reading: Ethereum ETH Back On Track Race, Will ETH Reclaim $2,000 again? However, each time BTC appreciates after a Halving, its profit percentage decreases. Therefore, it is unlikely that the cryptocurrency would rise to $1 million, as many have predicted. Rager believes around $200,000 should be a vital price target. The trader concluded: Again pure speculation here with both timing and price. I’m not one to want to predict the price of Bitcoin but what I can say is I expect 18 more months of a large range for Bitcoin. Followed by fireworks after the next BTC halving March\/April 2024 up through 2025.<\/p>\n","protected":false},"author":535,"featured_media":499516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-499988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Nears Historical Bottom Territory, What's Next For BTC?<\/title>\n<meta name=\"description\" content=\"Bitcoin has closed about important resistance but continues to move sideways in the last 24 hours as the altcoins sector shows more strength.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Nears Historical Bottom Territory, What’s Next For BTC?","url":"http:\/\/wncen.com\/news\/bitcoin-nears-historical-bottom-territory-whats-next-for-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-nears-historical-bottom-territory-whats-next-for-btc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/bitcoin-8.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/bitcoin-8.jpeg?fit=1920%2C1080"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2022-08-25T15:09:51Z","datePublished":"2022-08-25T15:09:51Z","dateModified":"2024-06-11T14:23:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Nears Historical Bottom Territory, What’s Next For BTC?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-nears-historical-bottom-territory-whats-next-for-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-nears-historical-bottom-territory-whats-next-for-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/bitcoin-8.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/bitcoin-8.jpeg?fit=1920%2C1080\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2022-08-25T15:09:51Z\",\"datePublished\":\"2022-08-25T15:09:51Z\",\"dateModified\":\"2024-06-11T14:23:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/bitcoin-8.jpeg?fit=1920%2C1080","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/499988"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=499988"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/499988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/499516"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=499988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=499988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=499988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}