I present my long-term view on the crypto market in the coming time. Currently, my focus is on the current bear market—how it is going, how it will run, and where it can end. In my opinion, when analyzing the cryptocurrency market, we should be focused on the stock market as a leading market. Actually, I consider the 2008 analogy to the S&P 500 index and the VIX synthetic index. I made an idea for VIX for that (link below), and I will do the second one for SPX. I took this analogy into account when adjusting the path of the potential BTC's price behavior. A bit drastic view, but it is known that cryptocurrencies have not survived the recession yet.
Comment:
I started to think about a low around 9,000 as the market is heavily oversold, and it is at around 10,000 that there is a monthly demand zone. Well, we'll just see where the declines will stop, if they are as I predict.
Comment:
Very nice supply reaction from the zone.
