Crypto analyst Justin Bennett warns that Bitcoin's historical cycle pattern may come to an end if the business cycle contracts. Bitcoin's cycles have traditionally followed a three to four-year pattern of bear markets followed by bull markets, but Bennett believes this may change. He suggests that Bitcoin's price action has historically followed key economic metrics, such as the Purchasing Managers' Index, which measures the health of an economy. In the near term, Bennett is closely watching whether Bitcoin can flip the key resistance level of $58,000 into support on the daily chart. However, Bitcoin's price has decreased by over 5% in the last two weeks and currently trades at $57,702.



Other News from Today