This looks like a pretty good bottoming signal...
This has historically been a pretty reliable bottoming signal
History isn't a predictor of future events, or is it?!
With bitcoin it most certainly is.
This is mostly due to the block reward halving that occurs roughly every 4 years.
Currently we have a pattern that has shown itself to be an incredible reliable bottoming signal.
Check it out:
(Source: https://twitter.com/rovercrc/status/1619368075341463552/photo/1)
If we look back at history, any time the price has gone from big red to big orange, we had a major bottom put in place.
There is some subjectivity as to what exactly big red and big orange mean exactly, but the pattern is there.
When the unrealized profit/loss indicator goes extremely red (negative), it tends to market bottoms.
That is confirmed when we have big orange following.
We had big red just prior, and now we have big orange...
Sounds like confirmation to me!
You've got a free upvote from witness fuli.
Peace & Love!
I'm hoping that it is true and the bottoming is done. Now, the next is what surely will reveal the height of the peak because with the facts you have described there should not be a doubt the bottom is here and the next should unfold soon!
I am hopeful as well. If history is any guide, the lows should be in, though the highs will likely take a 2 years or so be reached.
Upvoted! Thank you for supporting witness @jswit.
My neighbor and I have been talking about the current move on the markets and we've both suggested that around $24,000 will be the new bottom once Bitcoin rises above $24k in the next week or two. We are both extremely confident about the direction of the crypto space. I've been holding anything I get online.