BTC- Im calling the bottom is near.
Well, well, well, it has definitely been a very long time since I posted on here. No excuse for it.
Im going to show some minerals and call that the bottom of the Crypto bear market is very near. Based on previous corrections and indicators I have been able to see similarities between this Crypto bear market, and previous ones.
The screenshot below shows some simple timestamps in Bitcoin market history, such as time spent to get to the parabolic highs, and time spent correcting. The purple vertical lines indicate future and past halving events, which are obviously very key for the market cycles in Bitcoin. If you look closely, Bitcoin typically bottoms around just after halfway to the next halving, this shows people are anticipating the next halving and the ever growing scarcity of Bitcoin.
One thing that seems to be key is that Bitcoin doesn't break the 200 Week Moving Average, this is a very strong support which often holds until the next bull market, if history is said to repeat itself, watch for this.
The next indication I can observe is the RSI and Histogram on the weekly time scale, if you look below, you will see that the histogram was ticking massively positive and followed by a massive negative ticking of the histogram, and this decreased over time gradually to a more neutral point until sellers were exhausted.
Now that we have looked and observed the past and history of the last Bitcoin correction, now lets see if this correction has an correlation. Below you can see for yourself that the Histogram has begun to get back to the neutral zone, and the price is currently holding on the 200 Weekly MA, to me I can see this indicating a bottom or accumulation period is on the horizon for Bitcoin.
Let me know down below if you agree with me and think the bear market is almost over, or do you disagree and think we are due a prolonged bear market in which AltCoins have to die before we start seeing some upside. Thankyou for taking your time to read my post and have yourself a wonderful day.
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Disclaimer: I am not a financial advisor and any of my content should not be taken as financial advice. The information and content provided is purely my own thoughts and intended for informational and entertainment purposes only. This is not investment advice. If you want to invest you should consider consulting with a professional beforehand.