Weekly RSI is approaching 30 again. . Whether you consider this a 4-year-cycle bottom, or a local bottom , it doesn't really matter. All that matters is that a bullish reversal is just around the corner, and we likely won't see another buying opportunity like this for a few years.
Could price dip again to 25K or 20k? Sure, and I'll buy there too. Either way, we're a hell of a lot closer to the bottom than the top, and that's what this game is all about.
I'm stacking all my alt positions and reducing my BTC allocation in favor of alts.
Kommentera
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Here it is...
Kommentera
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Buying near the bottom is always great, but it's important to have realistic expectations. Returns are predictably lower with each cycle:
same signal. different indicators. thx for sharing. keep up your great work.
esorlegin
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Nice work. Thank you. Agree. Maybe be a bit lower - back to 26k, but it gives us a double tap on the RS support and perhaps a boost up. Question is, will we go to 52k - 59k - 62- or 44k? Will we then come down again for a second fall or develop a full blown bull run towards 100k and beyond?
reees
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@esorlegin, only time will tell! only thing I'm fairly certain of is that the market cap will be substantially higher a year from now
esorlegin
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@reees, yep -x 5 would not surprise me. But x 3 is good.
Ether2020
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Thanks so much for your view on BTC. The problem in my opinion is that you compare the period 2015 to 2022, but in that period there was no hyperinflation, no war in Ukraine, no energy crisis, no interest rate hikes and much more. I agree if the situation was the same as in that period, but currently the future does not look bright. If the equities are going to go down, the cryptos are going to go down with them. Why are stocks going to go down, simple because of all the negative elements that are happening right now that can't be solved for now. Interesting to read what Henry Kissinger and George Soros, both veterans, have said about the world situation. We are possible on the brink of an expanding war in the world. Beside the war there is also the pandemic which looks past but is not, China against the US about Taiwan, North Korea and so on.
We will see soon what happens, but my prediction is that Crypto is going to decline much further. Price can re-bounce now due to technical indicators, but it will not last long. It is simply not possible to see a robust bull market with the current situation.
reees
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@Ether2020 thanks for your thoughts. I agree that the context is much different than in 2015, and that the global economic situation looks dismal. prices could certainly continue to drop lower, but I do still think we're much closer to the bottom than the top in the most macro sense. time will tell!