This is a monthly chart of the BLX and I think it might be possible we will be this type of bear market, Long and grueling for most but the opportunity of a lifetime for others. I'm fairly certain our bottom has been hit and we'll go sideways for most of this year. Lets see what happens.
None of this is financial advice.
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I made this chart June 20th (literally two days after the Bottom) calling it the "8 month accumulation of a lifetime" I still stand by it as we have entered month number 5. As March rolls around these prices will be long gone. Thank you for your support. Please follow me on youtube for more in-depth discussions and analysis . There is a you tube button down below and I will also put a link here. youtube.com/channel/UCReEfN4...
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Bitcoin is having a hard time battling the 50 month Moving average. It just took a fairly hard rejection of it and made a new low, this is new and was not expected. To void all of this it has to show strength this month and close above the 50 MA @ about 24k. Procced with causation, the new low is a concern.
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7 Months down and one month left of the accumulation phase. Come March the new bull market will commence!
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Retest of break out and then higher high in early March looks like the most likely scenario. This months dip is your last chance at the bottom, good luck.
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I expect one more small drop but not too big. The drop already happened as it came early with FTX and lasted 2 months.
1st piece of advice is buy any dip here as the prices are actually laughable looking into the future.
2nd piece of advice is don't get caught up in day to day price action, take a step back and look at the bigger picture.
3rd Turn off the news, it's only there to distract you and throw you off with degenerate nonsense jargon.
Have blessed 2023 WeAreSat0shi
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The prices you see today will be gone after March never to return again!
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This is our last flush out It took nine months instead of 8.It could be because of the FTX debacle .At the end of the day it doesn't matter , it's just formalities. This break down is not a surprise and It confirms the breakout, Bitcoin next step will enter the bullrun April- May- June
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8 Months have ended, we are now in overtime. Bull run will commence soon. One more correction before a higher high comes in.
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NAILED IT!!!
Look for sideways price action from the 30k level to 25k level for a few weeks and or months. Come September a higher will come into Octobers peak of approx 47k.
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Bottom hunters are actually top buyers!
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Not only is the 8 month accumulation range gone, the second half of the year will have 30k range gone as well.
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Just like the chart last year pointing to March for the break out month, they are now pointing to September 15th for the beginning of something big. Possible yearly high @ 44k target zone.
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The move starts soon most likely next week.
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The move is here now.
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Bitcoin has been rejected by this Green line on the log chart on two other occasions, will it meet it as resistance for a third time? The price of this level is at 45.5k and rising.
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A closer look at the fib based log. The green line is the .618 fib
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The local top was hit yesterday. Look for a correction over the next month or two back to 31k. Then take a strong bounce into May with highs over 50k
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Stock 2 flow is going crazy!!!
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The stock to flow is at 6Million!!
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This chart point to the Sept- Oct range for the final parabola to start.
can you elaborate a bit on your most recent update to this post?
WeAreSat0shi
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@naidmanshah, Anything specific ? The S2F band has made a substantial move pre halving, which is not normal to it's historical data. Usually it's after the halving.
WeAreSat0shi
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@naidmanshah, Also, Bitcoin price is now above the 3 red S2F bands. this has historically lead to a correction before the final parabola.
naidmanshah
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@WeAreSat0shi, thank you...does the current rally invalidate your view that we see a bounce to low 30k area particularly in view of the every growing floor (40k plus at the moment) being set by the ETFs acquiring BTC at a growing rate which could get to 10% of total supply by the time summer starts...
WeAreSat0shi
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no, it doesn't. 30k will be retested at some point. if not sooner than later. according to the cycle 30k should be retested before new highs for this cycle are reached by May.
TheCryptagon
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Great analysis as always, thanks you.
MyCryptoParadise_Nathan
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The updates and recent focus on Stock-to-Flow add depth to the ongoing narrative.
WeAreSat0shi
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@MyCryptoParadise_Nathan, Lets be clear, I am Bullish for the foreseeable future but, I don't think 6 million is coming. Even though so far the S2F has been fairly accurate the evidence shows that Bitcoin is losing momentum. However it still is valuable information saying we should have a fairly strong up cycle remaining and there is much growth still ahead.
TradingBrokersView
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Thanks for sharing this idea! Nice description with good technical analysis.
InvestingScope
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Good look at the market, I think the price will reach that target sooner or later.