For those of you that haven't seen this chart yet, this is a logarithmic chart of Bitcoin. Essentially the difference between this chart and a regular chart, is that a percentage movement in either direction is seen as the same difference. It allows investors to see patterns that might otherwise be ignored on the regular charts.
As I've identified with the blue and orange lines, the price of Bitcoin is creating a channel that has been respected for 10 years. If you have seen this chart before, it is mostly tied to people saying how this is the start of the bull market. I agree that this chart is important for seeing the long term trend of Bitcoin, but we have to asked which channel with be given the most respect. If the orange line is the true trend, we could see a grind sideways for a few more months and even possibly create a new low. If the blue channel is respected, there is not much more downside in price.
Whatever your opinion, we will have to wait and see how investors behave. Will they heavily sell into the resistance at 6k moving prices back to the previous lows and possibly new lows as well? Or will bulls push the price higher?
While finding the bottom is a challenging call, I do have a call for the future. I expect the top of the bull market to hit somewhere around the 300k range.