I would like to think that we are nearing the bottom but it’s not straightforward as you may think.
All I have added to the chart is simple Fibonacci retracements levels on the monthly time frame and we can see price coming down to deep retracements levels.
I believe the bleeding will continue until $15-$12k, looking at the past it has retraced 80-90% but went back up north and made new all time high.
BTC production cost is hoovering somewhere $30k-$35k when you add all the expenses so these discounted prices may not last long.
One thing BTC didn’t have previously is the current environment we find ourselves in now such as the recession, government decreasing the quantitive easing (actually they are taking billions of $ out of the system every month) etc so no one knows exactly how low this will go.
If any major crypto company goes out of businesses or if there is heavy btc liquidation that may also bring the price even lower.
Some really smart people are forecasting $8-$4k but I doubt it will go below $10k.
Finally please use this as an just idea and not financial advice, as usual do your own due diligence at all times, always invest what you can afford to loose.
Happy hunting
All I have added to the chart is simple Fibonacci retracements levels on the monthly time frame and we can see price coming down to deep retracements levels.
I believe the bleeding will continue until $15-$12k, looking at the past it has retraced 80-90% but went back up north and made new all time high.
BTC production cost is hoovering somewhere $30k-$35k when you add all the expenses so these discounted prices may not last long.
One thing BTC didn’t have previously is the current environment we find ourselves in now such as the recession, government decreasing the quantitive easing (actually they are taking billions of $ out of the system every month) etc so no one knows exactly how low this will go.
If any major crypto company goes out of businesses or if there is heavy btc liquidation that may also bring the price even lower.
Some really smart people are forecasting $8-$4k but I doubt it will go below $10k.
Finally please use this as an just idea and not financial advice, as usual do your own due diligence at all times, always invest what you can afford to loose.
Happy hunting