$BTC / #Bitcoin giving strong pre-bottom buy signals?
Hi Traders,
Bitcoin is showing some strong signals of finally hitting a bottom.
Though we still have a large possibility of another cascading/ capitulation.
The weekly RSI has only hit a 30 or lower-level two times before. Once in 2015 & 2018.
We couldn't ask for a better opportunity to enter the market with the reassurance of buying at a major discount.
We can't read the future but rather weigh the odds of previous reaction points providing the highest rate of return.
Buying the 2015 RSI level of 30 would have returned an 11k%(+/-) from trough to peak ( obviously, this is if you sold the exact top). Buying the 2018 RSI level of 30 would have returned a 2k%(+/-)
Now, the question is what could we expect to see in return from buying the 2022 RSI level at 30 (if we hit the 30 level)?
The stock-to-flow model is saying a price of $500k. I believe we could see a return from trough(BTC price @ $21.5k) to peak of 1500% in the next bull run, which would lead us to a price point of around $350k.
All make-believe until action takes place, time will tell.
Bitcoin is showing some strong signals of finally hitting a bottom.
Though we still have a large possibility of another cascading/ capitulation.
The weekly RSI has only hit a 30 or lower-level two times before. Once in 2015 & 2018.
We couldn't ask for a better opportunity to enter the market with the reassurance of buying at a major discount.
We can't read the future but rather weigh the odds of previous reaction points providing the highest rate of return.
Buying the 2015 RSI level of 30 would have returned an 11k%(+/-) from trough to peak ( obviously, this is if you sold the exact top). Buying the 2018 RSI level of 30 would have returned a 2k%(+/-)
Now, the question is what could we expect to see in return from buying the 2022 RSI level at 30 (if we hit the 30 level)?
The stock-to-flow model is saying a price of $500k. I believe we could see a return from trough(BTC price @ $21.5k) to peak of 1500% in the next bull run, which would lead us to a price point of around $350k.
All make-believe until action takes place, time will tell.