- Bitcoin price could see a drawdown as the correlation between BTC and equities remains high, say analysts,
- Willy Woo believes signs of his last cycle thesis are playing out; this implies the end of relatively short bull and bear markets.
- Over $20 million in Bitcoin long positions were liquidated as BTC price failed to break past $42,000.
Bitcoin price failed to sustain above $42,000, and $20 million in long positions were liquidated, fueling investors' bearish narrative. Analysts argue that there are signs of Bitcoin price cycles drawing to an end and a lack of a capitulation event implies a Bitcoin supercycle.
Also read: Gold Price Forecast: XAUUSD could soon recover its shine
Bitcoin price enters the last cycle fails to break past $42,000
Bitcoin price failed to break past the key $42,000 price level, triggering over $20 million in liquidations of long positions across exchanges on March 21, 2022. Analysts note that Bitcoin price met resistance at $42,000 as selling pressure on BTC increased.
With Bitcoin price dropping below $42,000, massive liquidations across exchanges fueled a bearish narrative among investors.
A leading crypto analyst and trader, Willy Woo, observed the first signs of his thesis titled "The Last Cycle." Woo put forward a thesis that after three relatively short Bitcoin bull and bear markets that transpired since 2019, the asset is prepared for a "supercycle."
In the absence of a capitulation event, like halving, that fueled the bull and bear markets in the last three cycles, it is likely that Bitcoin broke loose from four-year cycles.
We're likely seeing the first signs of "The Last Cycle" thesis playing out. 3 relatively short bull and bear markets have transpired since the 2019 bottom already.
— Willy Woo (@woonomic) March 20, 2022
i.e. No more 4 year cycles. https://t.co/N3VzlKx2IA
The Bitcoin supercycle theory suggests the start of a new cycle in the asset, according to on-chain analyst @therationalroot.
Bitcoin Super Cycle
Analysts have evaluated the Bitcoin price trend and predicted a bullish breakout with a limited upside. FXStreet analysts note that Bitcoin price is inside the cloud on March 21, 2022, a seasonal date for the asset. Historically, big moves in Bitcoin price occur on March 21 each year.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC consolidates while ETH and XRP show some strength
Bitcoin (BTC) consolidated between $94,000 and $100,000 in the last nine days. Ethereum (ETH) and Ripple (XRP) prices stood relatively stronger and have gained nearly 3% and 7%, respectively, this week.

Trump's US reciprocal tariffs pause fails to improve Bitcoin and crypto market outlook
Bitcoin (BTC) and top cryptos halted their declines following a pause in President Donald Trump's reciprocal tariff plans, which were originally scheduled to go live on Thursday.

Ripple vs SEC battle nears end as the regulator acknowledges Grayscale XRP ETF filing
Ripple's XRP is up 4% in the early hours of Friday following the Securities and Exchange Commission (SEC) acknowledgment of Grayscale's 19b-4 filing to convert its XRP Trust to an ETF.

200,000 New Investors Buy Ripple (XRP) 30-Days After Gensler’s Farewell: What Next for Stellar (XLM)?
Ripple (XRP) price consolidated around $2.40 on Thursday, up 11% since Monday, technical indicators suggest Stellar (XLM) has joined the rally.

Bitcoin: BTC consolidates before a big move
Bitcoin's (BTC) price has been consolidating between $94,000 and $100,000 for the last ten days, and, when writing on Friday, it hovers around $97,000. Despite this consolidation, US Bitcoin spot Exchange Traded Funds (ETFs) data recorded a total net outflow of $650.80 million until Thursday, hinting signs of weakness among institutional investors.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.