At the time of writing, BTC\u2019s price trades at $20,700 with a 7% and 31% loss in the last 24 hours and 7-days respectively. Market participants seem to be expecting new highs, but a resume in bullish momentum could catch them off guard.<\/p>\n A pseudonym trader believes that the key to finding BTC\u2019s price next major bottom is the Bitcoin Halving, the event that cuts this network block rewards in half every 4 years. The analyst claims<\/a> that during a drawdown, the cryptocurrency finds a bottom \u201c780-889 days after its previous\u201d halving.<\/p>\n Currently, the Bitcoin network is at 766 days away from this event as it approaches a critical support zone. As seen below, when these two events coincide, BTC\u2019s price can resume bullish momentum and reclaim previous highs.<\/p>\n The analyst claims that the halving is part of a bullish thesis for Bitcoin as the cryptocurrency reduces its issuance, and there is less BTC available in the market. Conversely, BTC\u2019s adoption levels trend to the upside.<\/p>\n The analyst shared a chart from Blockware Solutions. As seen in the chart, BTC\u2019s price seems directly correlated to the percentage of the population adopting it and indirectly correlated to its supply issuance.<\/p>\n This is the ultimate bullish case for Bitcoin in one simple visual.<\/p>\n Exponentially growing user growth juxtaposed with Bitcoin's pre-programmed increasingly deflationary monetary policy. pic.twitter.com\/s7S48K5YDt<\/a><\/p>\n — Will (@WClementeIII) June 9, 2022<\/a><\/p><\/blockquote>\n![\"Bitcoin](\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-12.png?resize=860%2C376\")
![\"Bitcoin](\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-6.jpg?resize=860%2C395\")
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