BitcoinLong
Reasons to believe the Bitcoin bottom is in at $39.6K
Reason 1: This C wave from $69000 on Nov 10th: Minor wave 1 is $13400 in length; minor wave 3 is $18100 in length, minor wave 5 is $12500 in length. Minor wave 5 is roughly equal to minor wave 1 which principle is often followed in Elliot Waves.
Reason 2: The line from Intermediate Wave (3) to Intermediate Wave (4) has many support and resistance areas that have been kept.
Reason 3: The 2013 Intemediate Wave (4) that ended in July 2013 stopped at roughly Bitcoin log growth curve 3; this bull market Intermediate Wave (4) is also ending near the 3rd log growth curve.
Reason 4: The Bitcoin Fear and Greed Index is at "extreme fear" levels.
Reason 5: The CBBI discounting the two highest on chain metrics is now at 38; a very low level in a bull market.
Reason 2: The line from Intermediate Wave (3) to Intermediate Wave (4) has many support and resistance areas that have been kept.
Reason 3: The 2013 Intemediate Wave (4) that ended in July 2013 stopped at roughly Bitcoin log growth curve 3; this bull market Intermediate Wave (4) is also ending near the 3rd log growth curve.
Reason 4: The Bitcoin Fear and Greed Index is at "extreme fear" levels.
Reason 5: The CBBI discounting the two highest on chain metrics is now at 38; a very low level in a bull market.
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