Bitcoin (BTC) is showing signs of a textbook macro bottom in a “business as usual” bear market, data suggests.
with fresh discoveries It was published On October 13th, popular Twitter trader Alan revealed that BTC’s price action closely mimics the previous cycle.
Stoch Data Trader: ‘Don’t Be Upset’
While some people are concerned about the current state of the Bitcoin and cryptocurrency markets, on-chain indicators have long suggested that a 2022 bear market will be just as comfortable as previous markets.
Looking at the BTC/USD 1-month probability chart, Alan emphasized that Bitcoin is repeating a structure common to both the 2014 and 2018 bear markets.
The Stochastic Oscillator is a classic tool for identifying price cycles and interactions between bulls and bears.
Bitcoin has proven to be no exception, with Cointelegraph Markets Pro and TradingView confirm.
Now those low levels are back — numbers that previously appeared only three times.
Stoch not only calls for an imminent new macro BTC price low, but it can also be used to determine where Bitcoin may bottom out in the future.
Allan extrapolated the potential price from existing data and predicted that the next cycle low could be $35,000.
“Bitcoin forms a flag on top of previous flag settings. The yellow zone style probability indicator shows (at least) the current position in the second half of the flag,” he commented next to the chart. did.
“Next low = $35,000. Quick rebounds always follow dips. No emotions, don’t be shaken.”
much needed silver lining
A Stoch-like phenomenon may comfort traders who have seen bitcoin plunge by 75% from its high just 11 months ago.
Related: Price Analysis 10/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC
Few appear to be confident when analyzing BTC price action in the short term, as popular sources claim the bottom has not yet hit.
Few optimists include prominent analyst Philip Swift, who predicted to Cointelegraph this week that the 2022 bear market will be just that.
Others don’t expect much. On the topic of financial asset values in general, GoldMoney senior analyst Alasdair MacLeod this week told investors to forget the good times until the Federal Reserve changes course on rate hikes.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.
