BTC Could Plummet to $44K by Late October: Mining Pool Founder

Jiang Zhuoer, the founder of China-rooted mining pool BTC.top, has made a significant prediction about the future price of Bitcoin. According to his analysis, which is based on historical patterns in the cryptocurrency's four-year market cycle, Bitcoin could fall to $44,016 by late October.

Jiang's forecast compares the current bear market to previous downturns, noting that they all exhibited similar timeframes and drawdowns. The maximum declines in those cycles were 86.9%, 84.1%, and 77.6%, respectively, while the current cycle has seen 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. While such cycle-based projections are not guarantees, they can help investors frame their expectations and risk management strategies.