In this episode of NewsBTC’s day by day crypto technical evaluation movies, we’re inspecting previous Bitcoin bear markets to see how a lot additional we may have earlier than a backside is in.
Take a take a look at the video beneath:
VIDEO: Bitcoin Price Analysis (BTCUSD): November 9, 2022
Bitcoin worth continues to set new low after low now that assist has been decisively damaged.
Expanded Flat Corrective Pattern Fills Out Further
The market is clearly bearish, however on the brighter aspect now we have what could possibly be the ultimate wave in an expanded flat sample. The push to new lows continues to fill out what could possibly be a big falling wedge sample. But contemplating the worth motion and sentiment on the market, it’s difficult to think about any bullish thesis.
Bitcoin worth is now on the 0.5 retracement utilizing Fibonacci on log settings. But that isn’t very reassuring. Given the expectations for the $14K and $13K space, both Bitcoin worth motion stops wanting that degree, or slices proper by means of it.
Has the corrective sample accomplished? | Source: BTCUSD on TradingView.com
Related Reading: Bitcoin Price: Can Cyclical Tools Predict The Next Bubble? | BTCUSD November 7, 2022
Bitcoin Bear Market Worst-Case Scenario
In these subsequent charts, the worst case state of affairs would contain filling a BTC CME hole at beneath $10,000. Not solely is there confluence there with diagonal uptrend assist, however that’s roughly 85% retracement from the height.
This is notable, as a result of in the course of the 2018 bear market, BTC fell by 84%, and within the 2015 bear promote it dropped 86%. If you common out these two samples, you get an 85% retracement on common.
Much like the highest cryptocurrency peaked properly beneath the ROI ranges of previous bull runs, bear markets gained’t see as a lot of a decline both. The thought is that Bitcoin volatility is disappearing over time.