🔥 Bitcoin's Final Sell-Off Before The REAL Bull-Market Started!If you enjoy this analysis, please like and follow.
Intro:
History has taught us that while events may not play out in the exact same fashion every time, they do tend to follow similar patterns. With Bitcoin, these patterns are particularly evident. This repeated pattern hints that big changes might be coming in the market.
Bitcoin's Five Phases:
Looking at the chart, it can be divided into five different phases. Each phase represents a specific trend or behavior that the market follows. See the chart.
The Final Sell-Off:
According to the phases mapped out, it seems we are now possibly at the start of the final sell-off phase, denoted in purple on the chart. This phase suggests a short-lived bearish trend before Bitcoin embarks on its next bull run, which, in my view, will start somewhere in 2024.
Predictions:
While forecasts should be taken with a pinch of salt, I believe that the bear market low was $15,500. Although this low has already been seen, the market could see a retest of the $20,000 area, especially with September being historically unfavorable for both stocks and cryptocurrencies.
Opportunity with Altcoins:
For those still waiting to load up on their favorite altcoin, the final sell-off phase tends to be an great moment to consider altcoins. Why? During this phase, altcoins typically diminish in value compared to Bitcoin. This makes them relatively cheaper and could offer increased upside potential when the real crypto bull market will eventually start. This is in line with my most recent Bitcoin Dominance analysis below.
Are you bearish or bullish? Share your thoughts in the comments 🙏
