• 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. 

The Bitcoin supercycle theory suggests the start of a new cycle in the asset, according to on-chain analyst @therationalroot. 

Bitcoin Super Cycle

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. 

 

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