Despite Bitcoin’s recent price drop, a time-based technical analysis theory suggests that a correction may not be due for a while longer. Hurst Cycle Theory, created by American engineer JM Hurst in the 1970s, looks for a repeating rhythm of time distance from trough to trough. The theory suggests that larger time cycles can be broken down into halves and thirds, and the smaller time cycle measured as the 1/3 harmonic takes Bitcoin price all the way back to the last several major bear market bottoms. Another cyclical trough with significant summation isn’t due until mid-2026. While Hurst Cycle Theory does require some subjectivity, the chart suggests that another major correction may not occur until January 2024 at the earliest, and even further out to 2026 for a significant cyclical trough. The theory offers a different perspective than the sentiment currently expressed by crypto Twitter, which appears to be convinced of another major correction.
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