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Bitcoin BTC potentially approaching BOTTOM
To Start, I used the basis of this chart from someone who posted it in the TV chat, I do not remember whose it was!
Point 1 - We have seen BTC go through 2 major waves of reaching 'peaks'. I believe we are now entering the 3rd major wave.
In the previous two waves, it has taken typically a year (give or take a few weeks) for BTC to reach bottom from its peak. We are now approaching just over a year since its last peak in November 21.
We have then seen it take almost exactly two years from the bottom to being at level with its previous peak and then going on to increase past that level.
Point 2 - We know that over the past 10 years, BTC has been one of the best performing asset and when it has performed the worst, the dollar has been strong. Over the past couple years we have seen the dollar build strength, reaching a high we haven't seen since 2002. On September 28th we saw the DXY begin to drop from this high and directly on this date we saw BTC see a small growth. The two charts are now directly corresponding, I can see an area of resistance where the DXY may recover slightly before dropping again and if this happens BTC will fall again to the bottom and then begin its upward path. This could take a couple of weeks, potentially into December.
Point 3 - We also know that in the last two waves, the Halving event has taken place 17 months on from the bottom on the last two occasions. The next event is April 2024, and coincidentally, 17 months prior takes us to December 2022.
Point 1 - We have seen BTC go through 2 major waves of reaching 'peaks'. I believe we are now entering the 3rd major wave.
In the previous two waves, it has taken typically a year (give or take a few weeks) for BTC to reach bottom from its peak. We are now approaching just over a year since its last peak in November 21.
We have then seen it take almost exactly two years from the bottom to being at level with its previous peak and then going on to increase past that level.
Point 2 - We know that over the past 10 years, BTC has been one of the best performing asset and when it has performed the worst, the dollar has been strong. Over the past couple years we have seen the dollar build strength, reaching a high we haven't seen since 2002. On September 28th we saw the DXY begin to drop from this high and directly on this date we saw BTC see a small growth. The two charts are now directly corresponding, I can see an area of resistance where the DXY may recover slightly before dropping again and if this happens BTC will fall again to the bottom and then begin its upward path. This could take a couple of weeks, potentially into December.
Point 3 - We also know that in the last two waves, the Halving event has taken place 17 months on from the bottom on the last two occasions. The next event is April 2024, and coincidentally, 17 months prior takes us to December 2022.
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