Bitcoin needs to make a higher low here...
If Bitcoin can make a higher low here, it will continue to look like the 2019 bear market bottom
Bitcoin isn't ded yet.
I've written this many times before and each time, it has proven accurate.
The price action and headlines feel awful, but bitcoin hasn't broken down yet.
As long as it can make a higher low here, it is still setup to go on a massive run.
Check it out:
So, what's the line in the sand?
Looking at the above chart, we wouldn't want to see bitcoin go below about $38k before we start saying this pattern has been invalidated.
As long as we can keep the higher lows going, it still has a shot at repeating the pattern from 2019.
It's hard to see that happening right now, but you never know.
If some good news can happen on the war in Ukraine, things will turn around in a hurry.