On-chain analyst affirms Bitcoin is in the “Last Cycle” as BTC price attempts to break $42,000
|- Bitcoin price could see a drawdown as the correlation between BTC and equities remains high, say analysts,
- Willy Woo believes signs of his last cycle thesis are playing out; this implies the end of relatively short bull and bear markets.
- Over $20 million in Bitcoin long positions were liquidated as BTC price failed to break past $42,000.
Bitcoin price failed to sustain above $42,000, and $20 million in long positions were liquidated, fueling investors' bearish narrative. Analysts argue that there are signs of Bitcoin price cycles drawing to an end and a lack of a capitulation event implies a Bitcoin supercycle.
Also read: Gold Price Forecast: XAUUSD could soon recover its shine
Bitcoin price enters the last cycle fails to break past $42,000
Bitcoin price failed to break past the key $42,000 price level, triggering over $20 million in liquidations of long positions across exchanges on March 21, 2022. Analysts note that Bitcoin price met resistance at $42,000 as selling pressure on BTC increased.
With Bitcoin price dropping below $42,000, massive liquidations across exchanges fueled a bearish narrative among investors.
A leading crypto analyst and trader, Willy Woo, observed the first signs of his thesis titled "The Last Cycle." Woo put forward a thesis that after three relatively short Bitcoin bull and bear markets that transpired since 2019, the asset is prepared for a "supercycle."
In the absence of a capitulation event, like halving, that fueled the bull and bear markets in the last three cycles, it is likely that Bitcoin broke loose from four-year cycles.
We're likely seeing the first signs of "The Last Cycle" thesis playing out. 3 relatively short bull and bear markets have transpired since the 2019 bottom already.
— Willy Woo (@woonomic) March 20, 2022
i.e. No more 4 year cycles. https://t.co/N3VzlKx2IA
We're likely seeing the first signs of "The Last Cycle" thesis playing out. 3 relatively short bull and bear markets have transpired since the 2019 bottom already.
— Willy Woo (@woonomic) March 20, 2022
i.e. No more 4 year cycles. https://t.co/N3VzlKx2IA
The Bitcoin supercycle theory suggests the start of a new cycle in the asset, according to on-chain analyst @therationalroot.
Bitcoin Super Cycle
Analysts have evaluated the Bitcoin price trend and predicted a bullish breakout with a limited upside. FXStreet analysts note that Bitcoin price is inside the cloud on March 21, 2022, a seasonal date for the asset. Historically, big moves in Bitcoin price occur on March 21 each year.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.