I recently noticed an interesting thing by accident. While drawing the channels in which bitcoin moves I realized that they can be divided into certain levels. I numbered them from 0 to 3 (as on the chart).
When you look closely at this phenomenon you can see that bitcoin jumps to a higher level every now and then and doesn't go back to the previous level again (for simplicity of further analysis take this for granted). Looking even closer we can see that the levels behave as natural boundaries between the tops and bottoms of each cycle. Moreover, the distance between the peak and the low is almost always the same. We can therefore deduce from the current top where the next bottom will be.
Taking into account the above I can safely assume that the real bottom of this cycle has not occurred yet. What is worst, it looks like we are only somewhere in the middle of the correction. If my reasoning is correct the bottom will be reached in January 2023 near $6.6 thousand.
As an additional thing, it is worth noting that bitcoin is currently stuck at level 3 and it looks like it will stay there longer than at previous levels. Perhaps it will even return to one of the previous ones… but time will tell.
The above is just my personal opinion and should not be treated as financial advice.
When you look closely at this phenomenon you can see that bitcoin jumps to a higher level every now and then and doesn't go back to the previous level again (for simplicity of further analysis take this for granted). Looking even closer we can see that the levels behave as natural boundaries between the tops and bottoms of each cycle. Moreover, the distance between the peak and the low is almost always the same. We can therefore deduce from the current top where the next bottom will be.
Taking into account the above I can safely assume that the real bottom of this cycle has not occurred yet. What is worst, it looks like we are only somewhere in the middle of the correction. If my reasoning is correct the bottom will be reached in January 2023 near $6.6 thousand.
As an additional thing, it is worth noting that bitcoin is currently stuck at level 3 and it looks like it will stay there longer than at previous levels. Perhaps it will even return to one of the previous ones… but time will tell.
The above is just my personal opinion and should not be treated as financial advice.
