Bitcoin is still holding above $20,000 despite a massive increase in selling pressure over the past few days. The cryptocurrency has experienced some of the worst capitulation events in its history and could be read for a fresh leg-down. Related Reading | Bitcoin Exchange Reserve Spikes Up, Selloff Not Over Yet? At the time of writing, BTC’s price trades at $20,700 with a 7% and 31% loss in the last 24 hours and 7-days respectively. Market participants seem to be expecting new highs, but a resume in bullish momentum could catch them off guard. A pseudonym trader believes that the key to finding BTC’s price next major bottom is the Bitcoin Halving, the event that cuts this network block rewards in half every 4 years. The analyst claims that during a drawdown, the cryptocurrency finds a bottom “780-889 days after its previous” halving. Currently, the Bitcoin network is at 766 days away from this event as it approaches a critical support zone. As seen below, when these two events coincide, BTC’s price can resume bullish momentum and reclaim previous highs. The analyst claims that the halving is part of a bullish thesis for Bitcoin as the cryptocurrency reduces its issuance, and there is less BTC available in the market. Conversely, BTC’s adoption levels trend to the upside. The analyst shared a chart from Blockware Solutions. As seen in the chart, BTC’s price seems directly correlated to the percentage of the population adop...
