Following the events of the last few hours, everyone is trying to determine whether this is the bottom on Bitcoin or there is more selling to come. We will use a simple cross examination to locate a probable bottom of this bearish cycle.
As we have done on a previous study (www.tradingview.com/...ties-and-projection/) where we have studied the similarities of BTC's two bear cycles (2018/2019 and 2014/2015), we are using the 2014/ 2015 bear cycle as a model to project the behavior of the current one.
This shows that we are currently close to a bottom but not just there yet. The 2014/ 2015 bear cycle lasted for 410 days from Top to Bottom and lost roughly 86% in value. This indicates that the bottom of the 2018/ 2019 bear cycle will be roughly around 2,600 close to 28 January 2019.
So to answer the question, Bitcoin should lose another 50% of its value in the next 75 days if the 2014/ 2015 candle sequence is repeated. That should be the bottom after which a very long consolidation/ recovery period will follow.
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As we have done on a previous study (www.tradingview.com/...ties-and-projection/) where we have studied the similarities of BTC's two bear cycles (2018/2019 and 2014/2015), we are using the 2014/ 2015 bear cycle as a model to project the behavior of the current one.
This shows that we are currently close to a bottom but not just there yet. The 2014/ 2015 bear cycle lasted for 410 days from Top to Bottom and lost roughly 86% in value. This indicates that the bottom of the 2018/ 2019 bear cycle will be roughly around 2,600 close to 28 January 2019.
So to answer the question, Bitcoin should lose another 50% of its value in the next 75 days if the 2014/ 2015 candle sequence is repeated. That should be the bottom after which a very long consolidation/ recovery period will follow.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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