Almost out of the woods, waiting for the final shake out for BTC
Dear traders,
We should be really careful on the shorter timeframe given that the 24th of November is thanksgiving and you know that there are some grim traders around who would like to make use of this event while everyone is surrounded by family and friends.
There is a lot of liquidity to be found in the $12.000 - $14.000 area and the sell pressure seems to get weaker since the market flushed out most of the short term holders, retail investors and scam companies.
When looking at the puell multiple we can see that former bearcycle lows have not been touched yet, currently we are are at 0.42 and have seen 0.34 when we actually like to see the 0.30 level
Total cryptomarketcap will find capitulation at 500B right now we are at 750 where we would need to drop a 33% next two months, Bitcoin will find max pain at $12.000
When looking at previous bearcycles there seems to be a lot of parallels and similarities. Duration, halving cycles, downtrends and several other subjects tend to behave in the manner.
2012 took us 83% down
2014 took us 87% down
2018 took us 85% down
2022 we are 77% down, looking for 83% in total ($12.000-$14.000)
The duration seems really important as well, the ending of each cycle seems to be at the beginning of the new year with the lows in November and December.
2014 took 13 months
2018 took 12 months
2022 we are 12 months under way
Since the cycle is extending it's timeframe I would like to point out that we could see 2 more months of sideways action in the $14.000 - $.20.000 area.
2014 bear stopped 26 months after halving
2018 bear stopped 29 months after halving
2022 bear looks like it wants to end before the second week of January
Massive accumulation is taking place by smaller wallet, and funds are taken out of exchanges, the media is already calling out that Bitcoin is dead but we have not seen the bottom.
Good luck and please share your thoughts and if you care to drop a like that would be awesome.
We should be really careful on the shorter timeframe given that the 24th of November is thanksgiving and you know that there are some grim traders around who would like to make use of this event while everyone is surrounded by family and friends.
There is a lot of liquidity to be found in the $12.000 - $14.000 area and the sell pressure seems to get weaker since the market flushed out most of the short term holders, retail investors and scam companies.
When looking at the puell multiple we can see that former bearcycle lows have not been touched yet, currently we are are at 0.42 and have seen 0.34 when we actually like to see the 0.30 level
Total cryptomarketcap will find capitulation at 500B right now we are at 750 where we would need to drop a 33% next two months, Bitcoin will find max pain at $12.000
When looking at previous bearcycles there seems to be a lot of parallels and similarities. Duration, halving cycles, downtrends and several other subjects tend to behave in the manner.
2012 took us 83% down
2014 took us 87% down
2018 took us 85% down
2022 we are 77% down, looking for 83% in total ($12.000-$14.000)
The duration seems really important as well, the ending of each cycle seems to be at the beginning of the new year with the lows in November and December.
2014 took 13 months
2018 took 12 months
2022 we are 12 months under way
Since the cycle is extending it's timeframe I would like to point out that we could see 2 more months of sideways action in the $14.000 - $.20.000 area.
2014 bear stopped 26 months after halving
2018 bear stopped 29 months after halving
2022 bear looks like it wants to end before the second week of January
Massive accumulation is taking place by smaller wallet, and funds are taken out of exchanges, the media is already calling out that Bitcoin is dead but we have not seen the bottom.
Good luck and please share your thoughts and if you care to drop a like that would be awesome.