Cryptocurrency expert Richard Knight spoke about his observations on the Bitcoin (BTC) price chart. He noted that in order to predict the movement of the value of a cryptocurrency, one can be guided by historical data. Having studied the dynamics, the analyst made very interesting conclusions and shared them with the public.
Knight emphasized that there is a trend in the market, and if it continues in 2022, then it is possible to predict the price of a cryptocurrency asset by the end of December. The expert noted an interesting anomaly in the price of BTC over the past 13 years. The fact is that in a bull market, the value of a virtual currency has always reached its peak at the end of the calendar year.
Knight said that in 2013, the all-time price high occurred on December 3rd. In 2015, the price of BTC was at its peak on December 12. After the bullish rally in 2016, the price of the flagship cryptocurrency recorded the highest value on January 3, 2017, and then again on December 15. The last time the value of virtual currency was at its peak in January 2020 and at the end of November 2021.
However, during a bear market, everything happened exactly the opposite. During the downward rally, the price of BTC hit a low at the end of the calendar year. In 2013, the value of the asset was constantly falling and ended up at the historical bottom on January 13, 2014. In 2018 – December 15th. Now the scenario may well repeat itself.
The expert noted that many other indicators should be taken into account, but do not forget that history is always cyclical. Therefore, we can expect the price of bitcoin to fall to a local bottom towards the end of this year. It is likely that the value of Bitcoin will collapse to the $10,000 mark.