Good aftertoon my fellow cryptocurrency traders, I hope you are stayng strong in these trying and fearful days.
The cryptocurrency market is going through massive panic which is part of the bear market climax/end... Do not need to worry, the bear market is now in its final phase.
Bitcoin hit a high back in April 2021. A bouble top was hit November 2021.
We've been in a downtrend after November 2021, marked on the chart with a black dotted line.
As long as this downtrend remain in place we are still looking for a new low/bottom.
Once this downtrend is broken, we can confirm the end of the bear market.
The bottom is not a one day event but a process.
Looking back to November 2018 we can see that it took several weeks to form a bottom and many more weeks to complete a recovery.
We can expect to see another 1-5 weeks for the bottom to be fully confirmed. That is within Nov./Dec. 2022.
And another 3-4 months for a recovery when the downtrend is broken.
In all, we can say around 1-5 months for the end of the bear market.
Note: We can have fast/strong recovery as in the "V shaped" after the bottom is hit, which can reduce the time it takes for the bear market to end.
But first we set the bottom, around 11.3K and then we see how the market reacts and let it play...
Last weeks breakdown is only the beginning... It takes time for this full move to develop but Bitcoin will recover for sure.
We are waiting for the bottom to be fully confirmed to comeback and read the charts full time with you.
Calculating -84% from the top does not make a good prediction. This time is different, it's always a little different. There was no blow off top this time. And 30k level looks like 6k level in previous bear, you do the math.
wargolynch
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@Mikanoshi, Because demand for crypto was inexistant in November 2021 does not mean heavy demand will build more easily. Have you looked at the total marketcap chart? Have you looked at most famous altcoins performances? It has been the most impressive bullrun so far! Then of course it's different! Inflation has never been so high since 75'...
kamil92
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@GreenValleyTrading, How is demand nonexistant? BTC wallets sized between 0-10 and 10-100 BTC are accumulating fastest ever. The number of wallets having more than 10K BTC is also increasing. The only ppl who sell now are the mid-sized whales having 1000-10K BTCs which are probably some overlevereged individuals.
wargolynch
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@kamil92, "Because demand for crypto was inexistant in November 2021"
Mikanoshi
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@GreenValleyTrading, This bullrun what absolute dogshit. No blow off top for Bitcoin, only some categories of altcoins mooned like useless meme coins and metaverse. There was no global altseason even. Boring.
Solldy
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Not the most usual method of analysis for this asset. Usually your predictions are terribly accurate, I hope that will be the case this time.
PumpSignals
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thanks for sharing it.
Pavoe
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I agree with you me friend!
Crypto-Frantisek
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@Pavoe, what kind of nonsensical indicator did you use?
And 30k level looks like 6k level in previous bear, you do the math.