Bitcoin has bottomed and the halving price has been set, according to a crypto analyst.

Bitcoin is struggling to maintain its support level of $26,000 due to a bearish market sentiment. Some analysts speculate that this could lead to a new cycle low for the digital asset. However, one crypto analyst, PlanB, believes that Bitcoin has already reached its cycle bottom at $15,500 in November 2022. He reiterated this stance in a tweet on Sunday and predicts that Bitcoin will rise going into the 2024 halving, with a halving price above $32,000. He also predicts that BTC’s price will cross $100,000 in 2025.

The current market trend could support PlanB’s forecast, as Bitcoin has been consolidating toward the downside for a few weeks, which could serve as an opportunity for a bounce. BTC has risen above its 100-day moving average, indicating a return of bullish sentiment among market participants. The halving event, which historically has been bullish for the price of Bitcoin, is also approaching, providing ample reason to believe the next bull market will begin in 2024. Presently, the price of BTC is $26,519, down 0.35% in the last 24 hours but seeing gains of 1.53% on the weekly chart.

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