Here's a quick look at the BTC log. chart. In its second bear market, BTC retraced 87% from ATH and the bear market lasted well over 600 days. In the third bear market, BTC retraced 86% from ATH and the bear market lasted 480 days. In the current bear market, the price has retraced around 73%. If the bear market takes the same path as the previous bear markets, then we could see a 10k BTC. It should be mentioned that the BTC price isn't showing much strength right now, and S&P 500 is also finding some resistance. We could easily go down from current levels. ------------------------------------------- If you like the content, then make sure to comment and like the post :D
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BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
Alot of analysts think the bear market actually began at the first peak for various reasons including alot of onchain data.
Also EMA 50 and 100 cross has historically been just before the end of the bear.
Also there wasn't a blowoff top this time around, so not sure why everyone is so convinced there will be a blowoff bottom?
MBM_Crypto
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@gadgetsfan good point! End of the day, anything can happen :)
The_Bitcoin_Boy
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@gadgetsfan, exactly. I could see 16k minimum due to macro environment, but not a chance 10k
Ether2020
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Same opinion, my friend. The 10k will be hit only then everybody thinks it is the real bottom.... Then after some time the real shakeout will come and people will sell! Let us see what happens in 2023! Thanks for your view!
MBM_Crypto
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@Ether2020 2023 gonna be interesting! BTC is facing a period of global economic collapse and lets how it handles it.
Also EMA 50 and 100 cross has historically been just before the end of the bear.
Also there wasn't a blowoff top this time around, so not sure why everyone is so convinced there will be a blowoff bottom?