Jiang Zhuoer, founder of bitcoin mining pool B.TOP, forecasts the current bear market bottom at $44,016, with the trough expected around Oct. 31. The call is based on historical data from three previous bull-bear cycles. His model lists declines of 86.9%, 84.1%, 77.6%, and 65.1% for the current cycle. BlockBeats reported the prediction on Aug. 6.
Jiang Zhuoer, founder of bitcoin mining pool B.TOP, has laid out where he expects the current bear market to bottom: $44,016, with the trough likely arriving Oct. 31.
The projection draws on historical data from three previous bull-bear cycles. On Aug. 6, Jiang listed declines for four cycles: 86.9%, 84.1%, 77.6%, and 65.1% for the current cycle.
"Based on historical data fitting, the decline ratios across the four cycles are 86.9%, 84.1%, 77.6%, and 65.1% (current forecast), corresponding to a BTC price of $44,016, with the expected timing of Oct. 31," he said.
BlockBeats reported the prediction on Aug. 6.
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