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January 9, 2022 by Lipika Deka
Bitcoin [BTC] has kickstarted the new year on a choppy session following a slew of developments such as the US Federal Reserve’s December rolling out minutes signaling the possibility of an interest rate hike along with the Internet shutdowns in Kazakhstan that have triggered many panic sell-offs. On the price front, BTC is down by 16% over the last 30 days and has shed more than 38% from its previous ATH on November 2021.
This has initiated a lot of discussion among crypto experts. One of them is leading on-chain analyst Matthew Hyland who tweeted his observation stating that Bitcoin [BTC]’s current price matches exactly what it was one year ago. In a quick run down, on January 7, 2021, BTC’s price reached $40K for the first time in history. By mid-May, the asset’s price made a new record when it touched the $66K zone for the first time but shortly after, slipped below that region.
After five months, Bitcoin’s price continued plunging below the $40K zone around September 21, 2021, prompting crypto advocates to claim that the price top was not in yet. The prediction proved correct as, after 50 days, the price of the king coin hit a new peak at $69K on November 10, last year. However, crypto proponents still believe that the bull cycle is not yet over, and anticipate one more parabolic uptrend in the near future.
Bitcoin price poise for a rebound?
Creator of Bitcoin Index [CBBI] Colin, who also is the host of the Youtube channel “Colin Talks Crypto” believes that the market cycle has been lengthened. The Youtuber on January 5 tweeted with the caption saying that “Because of the apparent lengthening cycle of this bull run, I now think it is more likely for us to see a $300,000 bitcoin price than a mere $100,000 bitcoin price.” The very same day, Colin added:
I’m happy that the bitcoin price is crashing— not because I like the price to go down, but because it means the upside surge is sooner to come. It’s like, ‘let’s get this crash over with so we can move into more bullish territory!