The bottom is not in for Bitcoin. And therefore, most altcoins as well. I believe the bottom for Bitcoin will be around $2,979.52. I should add that this was not my 1st choice. The first price I came up with was $1,831.99. But Bitcoin going below $2,000.00 again seemed highly unlikely. Which is why I settled on my 2nd choice. This is still a HUGE drop from the current price. Especially since I believe the price will go up a little bit more (possibly $9,400-ish) before the impending Correction Of Doom!
This is actually an updated chart. While working with the chart a little this morning, I noticed that by drawing a diagonal line (bright green) from the peak to the low (vertically) and the date of the peak to the bull run start date (horizontally), it formed a near perfect overall bear-market trend line.
Since I don't believe the bottom is in, I had to figure out where the bottom will be. I used the fib circles, and previous price action to help determine the bottom in the current cycle. I already had the approximate bull run start date figured out from the previous chart (see linked idea).
Like I said before, this was not my first choice. The fib circle, price action and even the trend line worked out better with the bottom at $1,831.99. I just found that extremely hard to believe.
Side note: I redrew the blue arc trend line a few times while creating this chart. This is not an easy task. If anyone knows of an easy way to do this, I would love for you to share. Maybe there is a mathematical equation for this??? Thanks in advance.
This is actually an updated chart. While working with the chart a little this morning, I noticed that by drawing a diagonal line (bright green) from the peak to the low (vertically) and the date of the peak to the bull run start date (horizontally), it formed a near perfect overall bear-market trend line.
Since I don't believe the bottom is in, I had to figure out where the bottom will be. I used the fib circles, and previous price action to help determine the bottom in the current cycle. I already had the approximate bull run start date figured out from the previous chart (see linked idea).
Like I said before, this was not my first choice. The fib circle, price action and even the trend line worked out better with the bottom at $1,831.99. I just found that extremely hard to believe.
Side note: I redrew the blue arc trend line a few times while creating this chart. This is not an easy task. If anyone knows of an easy way to do this, I would love for you to share. Maybe there is a mathematical equation for this??? Thanks in advance.
