$44K Bitcoin Price Target by Late October: Mining Pool Founder Jiang Zhuoer

Jiang Zhuoer, the founder of mining pool $BTC.top, has made a prediction that Bitcoin could drop to $44,016 by late October. His analysis is based on historical patterns in the cryptocurrency's four-year market cycle.

According to Jiang, the current bear market has not yet matched previous downturns in either duration or depth, indicating further downside may be ahead.

The forecast is based on a comparison of Bitcoin's past three bear markets, which all exhibited similar timeframes and drawdowns. The maximum declines in those cycles were 86.9%, 84.1%, and 77.6%, respectively. In the current cycle, Jiang projects a 65.1% drop from the all-time high.

This prediction adds to a growing chorus of analysts who see further downside potential in Bitcoin before the next halving event.