BITCOIN -- FINDING BOTTOM

Bitcoin is a premier coin in cryptocurrency which is considered a benchmark index for most. Since Nov'21 BTC has been in a bearish trend and is unable to provide any relief bounce for the investors.

Let's analyze BTC and try to find its bottom.
Will it hold the 17000 level? Or We may find it near 13K or 10K

1. Let's check the seasonality of Bitcoin where we will see the TOP to BOTTOM
BTC made the top at 16976 on Dec'17 and defined bottom at 3394 in Dec'18
This takes 357 days and 79% Drop

BTC made the top at 11143 in Jun'19 and defined bottom at 8000 in Mar'20
This takes 259 days and 74% Drop

BTC made the top at 61300 in Apr'21 and defined bottom at 33333 in Jun'21
This takes 70 days and 57% Drop

BTC made the top at 69000 in Nov'21 and yet to defined bottom
But as per its seasonality,
a) 75% Drop comes at 17000 which is holding currently.
b) 360 days come at 7th Nov'22

So this means the price need to sustain above 17000 till Nov'22


2. Chart Patterns and BTC
Bitcoins follows flag pattern very often and in the past, we have seen the formation of pattern and completion of the pattern.

Currently, BTC is trading in a bearish Flag pattern which is made around 39K and the target of a pole comes at 3000 which is also monthly support.

So either 17000 or 3000. November is the date to watch.

Let me know what do you think of the idea.

Trade your levels accordingly.