Bitcoin - THE BOTTOM IS NOT IN! BTC Will Be <$3k
The bottom is not in for Bitcoin. And therefore, most altcoins as well. I believe the bottom for Bitcoin will be around $2,979.52. I should add that this was not my 1st choice. The first price I came up with was $1,831.99. But Bitcoin going below $2,000.00 again seemed highly unlikely. Which is why I settled on my 2nd choice. This is still a HUGE drop from the current price. Especially since I believe the price will go up a little bit more (possibly $9,400-ish) before the impending Correction Of Doom!
This is actually an updated chart. While working with the chart a little this morning, I noticed that by drawing a diagonal line (bright green) from the peak to the low (vertically) and the date of the peak to the bull run start date (horizontally), it formed a near perfect overall bear-market trend line.
Since I don't believe the bottom is in, I had to figure out where the bottom will be. I used the fib circles, and previous price action to help determine the bottom in the current cycle. I already had the approximate bull run start date figured out from the previous chart (see linked idea).
Like I said before, this was not my first choice. The fib circle, price action and even the trend line worked out better with the bottom at $1,831.99. I just found that extremely hard to believe.
Side note: I redrew the blue arc trend line a few times while creating this chart. This is not an easy task. If anyone knows of an easy way to do this, I would love for you to share. Maybe there is a mathematical equation for this??? Thanks in advance.
This is actually an updated chart. While working with the chart a little this morning, I noticed that by drawing a diagonal line (bright green) from the peak to the low (vertically) and the date of the peak to the bull run start date (horizontally), it formed a near perfect overall bear-market trend line.
Since I don't believe the bottom is in, I had to figure out where the bottom will be. I used the fib circles, and previous price action to help determine the bottom in the current cycle. I already had the approximate bull run start date figured out from the previous chart (see linked idea).
Like I said before, this was not my first choice. The fib circle, price action and even the trend line worked out better with the bottom at $1,831.99. I just found that extremely hard to believe.
Side note: I redrew the blue arc trend line a few times while creating this chart. This is not an easy task. If anyone knows of an easy way to do this, I would love for you to share. Maybe there is a mathematical equation for this??? Thanks in advance.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.