Bitcoin's Last Boom and Bust
BTCUSDThe most common question that I see in the cryptocurrency space is, "When will the new bull market begin for Bitcoin." The short answer is I don't know, nobody does. But, what we can do is analyze Bitcoin as an assets and look at its past boom and bust to get a better idea of how this asset performs within its own cycle.
In its last cycle, Bitcoin experienced a brutal bear market and I expect todays market to play out in a similar way.
During today's bear market we have yet to see a few things that occurred during the last bust. We have now what seems to be a solid floor for Bitcoin to change direction and begin a new bull market, but I don't think that to be the case. Bitcoin's price has yet to drop below the 200 week moving average. Bitcoin has also yet to enter into an oversold condition on the weekly RSI.
I think having Bitcoin's old bear market puts things into perspective about today. We have to go through the hard times in order to see a brighter future in terms of price. I am confident that sentiment needs to be brought back to its lows along with its price.
I'm waiting to see more articles about how bad of an investment Bitcoin is!
I am long term bullish, but am looking to see a break down in price. People are still too bullish.
I hope you enjoyed my take on Bitcoin.
Until next time.
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