BITCOIN Not many opportunities to buy it at a better discount.

Bitcoin (BTCUSD) had a noticeable correction recently, bringing the price back to mid-June levels and spreading fear across the market. This effect isn't however until we zoom out to the larger time-frames (1W on the current study) and the multi-year Cycles that we realize that this is a natural technical phenomenon, an early Bull Cycle correction after the first rally of the new Bull market.

As you can see we compare today to where the price was in 2019, 2015 and 2012 all 238 days before the Halvings of their respective Cycles, which is how long away we are currently (238 days/ 34 weeks) from Halving 4 (estimated in April 2024).

In 2012 and 2015, the price was within the 0.618 and 0.786 Fibonacci retracement level, same as today. The exception is 2019 when the price was considerably above that zone, mainly due to the sheer aggressive nature of the 2019 rally. However the correction that followed was equally strong as (even excluding the COVID crash), the price scratched the top of the 0.618 Fib.

As a result, we can argue that BTC is exactly where it is supposed to be during that respective phase of the Cycle, based on its historic cyclical activity. This doesn't mean that it can't fall some more, but most likely there won't be many opportunities to buy it at a better discount.

Do you think that's the case or are you waiting for a (much) lower price to buy? Feel free to let us know in the comments section below!

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