Picking Bitcoin Bottom - Update no.1
BITCOIN! Where are we going and what can we expect in the medium long term?
For those who followed my last chart 4 weeks ago (I do encourage you to take a look as this will only make sense if you read the original chart, I will link in the comments below) we spoke in depth about the long term Bitcoin cycles and how we can see some fairly significant patterns emerging.
4 weeks on and we sit exactly where we predicted. We remain in our green descending channel which will most definitely see us all the way to the bottom. I do still see the bottom sitting between September - December this year. This may seem like guesswork and although it does require some assumptions to be made, previous bear markets suggest this is when the bottom will be made (don't underestimate the power seasonality and timeframes with your trades).
We also spoke about breaking out of our shorter term black descending channel in the short term. This has played out exactly as we predicted. No matter the strength of any bear market the price action will never go down in a straight line. I spoke of the possibility of the price action hitting the top of our green trendline. Expect strength to only be short lived. I wouldn't rule out further rally's over the next week or two however this will be short lived. The overall trend is still most definitely down and i do not expect this to change at this point in time.
All markets including crypto still have major headwinds over the next few months. This further adds to our confidence of further bear price action moving forward.
Our predictions remain for the bottom to be between 6-12k. Don't miss this opportunity, come 2025 you will be happy you bought when everyone else was scared to do so.
Follow our page for more crypto analysis. The more reads, likes and follows we get the more content we will produce. Potentially even venturing into regular short, medium and long term trade tips. Look back at our previous chart for track records... this is how you decide who knows and who pretends to know!
For those who followed my last chart 4 weeks ago (I do encourage you to take a look as this will only make sense if you read the original chart, I will link in the comments below) we spoke in depth about the long term Bitcoin cycles and how we can see some fairly significant patterns emerging.
4 weeks on and we sit exactly where we predicted. We remain in our green descending channel which will most definitely see us all the way to the bottom. I do still see the bottom sitting between September - December this year. This may seem like guesswork and although it does require some assumptions to be made, previous bear markets suggest this is when the bottom will be made (don't underestimate the power seasonality and timeframes with your trades).
We also spoke about breaking out of our shorter term black descending channel in the short term. This has played out exactly as we predicted. No matter the strength of any bear market the price action will never go down in a straight line. I spoke of the possibility of the price action hitting the top of our green trendline. Expect strength to only be short lived. I wouldn't rule out further rally's over the next week or two however this will be short lived. The overall trend is still most definitely down and i do not expect this to change at this point in time.
All markets including crypto still have major headwinds over the next few months. This further adds to our confidence of further bear price action moving forward.
Our predictions remain for the bottom to be between 6-12k. Don't miss this opportunity, come 2025 you will be happy you bought when everyone else was scared to do so.
Follow our page for more crypto analysis. The more reads, likes and follows we get the more content we will produce. Potentially even venturing into regular short, medium and long term trade tips. Look back at our previous chart for track records... this is how you decide who knows and who pretends to know!
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