Bitcoin Could Plummet to $44K by Late October, Mining Pool Founder Warns
Jiang Zhuoer, founder of China-rooted mining pool BTC.top, predicts that Bitcoin could drop to $44,016 by late October. This forecast is based on historical patterns in Bitcoin'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. He analyzed Bitcoin's past three bear markets and found that they 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, he projects a 65.1% drop from the all-time high, which would place BTC at $44,016 by late October.
Jiang's prediction adds to a growing chorus of analysts who see further downside potential in Bitcoin before the next halving event.