This chart shows the following:
Yellow vertical lines - Bitcoin mining reward Halving dates
Purple dotted vertical lines - Weekly RSI minimums
Blue boxes - shows length of time between halving and next macro bottom
Yellow text - number of days for blue box - (time between halving and next macro bottom)
As can be seen, Bitcoin has never spent this long at the bottom of a bear market. Bitcoin is very overdue a retrace to the 200 MA - which is currently around $24,500. Bitcoin did actually bottom on the 13th of June, but recently has had a black swan 'fakeout' bottom due to the FUD news event surrounding FTX. As soon as investors realise that FTX is not Bitcoin, we will very likely see a rapid retrace to $24,500. Then it will be obvious that Bitcoin has bottomed.
On average - Bitcoin tends to retrace about 250% before the next halving. That would put bitcoin at around $50,000 by May 2024.
Enjoy this chart and share ! Thank me later.
Yellow vertical lines - Bitcoin mining reward Halving dates
Purple dotted vertical lines - Weekly RSI minimums
Blue boxes - shows length of time between halving and next macro bottom
Yellow text - number of days for blue box - (time between halving and next macro bottom)
As can be seen, Bitcoin has never spent this long at the bottom of a bear market. Bitcoin is very overdue a retrace to the 200 MA - which is currently around $24,500. Bitcoin did actually bottom on the 13th of June, but recently has had a black swan 'fakeout' bottom due to the FUD news event surrounding FTX. As soon as investors realise that FTX is not Bitcoin, we will very likely see a rapid retrace to $24,500. Then it will be obvious that Bitcoin has bottomed.
On average - Bitcoin tends to retrace about 250% before the next halving. That would put bitcoin at around $50,000 by May 2024.
Enjoy this chart and share ! Thank me later.