5-6 Months Left of Bitcoin Bear market
Updated
Revisited this long term chart and updated it. It's really hard to be bullish after revisiting this. To expect BTC to start being in a medium term bullish trend would be to expect BTC to do something it's never done.
We're currently at the halfway mark towards the next halving, it's always bearish and in a medium term downtrend during this time.
Per my calculations Bitcoin will be in a bear market for the next 5-6 months and then it will hit a bottom capitulation area probably around the 21k-
25K area.
Of course it's very possible Bitcoin could do something it's never done before and I sure hope to hell it does but I'm leaning towards continuation of bear market behavior till this next October-November.
We're currently at the halfway mark towards the next halving, it's always bearish and in a medium term downtrend during this time.
Per my calculations Bitcoin will be in a bear market for the next 5-6 months and then it will hit a bottom capitulation area probably around the 21k-
25K area. Of course it's very possible Bitcoin could do something it's never done before and I sure hope to hell it does but I'm leaning towards continuation of bear market behavior till this next October-November.
Note
since BTC has been acting as a risk on asset similar to tech stocks, I believe it's highly likely it would follow the traditional markets down in a recession which could extend the bear market. I still think a turn around of this downtrend is less likely to happen until at least October-November
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