$50k might be the bear market low next time around...

in #bitcoin4 months ago

All this consolidation around $50k may be telling us where bitcoin is going to drop to during the bear market

You have probably noticed by now that bitcoin is having a very difficult time moving out of this current trading range, between about $50k and $60k.

Only moving out of it very briefly before moving right back into it.

We saw this happen both in 2013 and 2017.

And I think we are seeing something similar right now:

image.png

(Source: https://twitter.com/therationalroot/status/1390287885673406467/photo/1)

The cool thing about this is that it might also tell us what the peak price will be.

Based on that model, we should expect the price to be north of $200k at the peak.

For numbers sake, an 80% draw-down from $250k is equal to $50k.

Things that make you go hmmmm....

Based on that line of thinking our peak this cycle should be around $250k for bitcoin.

Sounds crazy I know, but it's 2 for 2 thus far.

Hard to argue with history!

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