One of our previous studies (https://www.tradingview.com/chart/BTCUSD/zK7bM01i-Bitcoin-Is-this-the-bottom/) showed why Bitcoin has the potential to reach as low as 2,600 – 2,800 for its final bottom of the current bear cycle before is slowly (through a very lengthy consolidation) enter a bull cycle again.
However due to the aggressive selling of the past two weeks, this approach may require some readjustments as the previous study had a less aggressive decline towards a bottom in late January 2019.
The current chart we made compares the last days (1D candles) of the 2017 bull run to the 19,666 all time highs, with the current 1D candle cohesion. The similarities are interesting. Both had the period of between their first aggressive candles (06 Dec 2017 & 14 Nov 2018 respectively) since the peak/ bottom before the first aggressive counter volume (17 Dec 2017 & 25 Nov 2018 respectively) measured at 11 days.
This may be an early indication that instead of the bottom estimate that the previous study showed (2,600 – 2,800 https://www.tradingview.com/chart/BTCUSD/zK7bM01i-Bitcoin-Is-this-the-bottom/), 3,474.70 may instead be the permanent bottom of this bear cycle and not a temporary one before late January.
This study is largely speculative based on this single pattern recognition and should be used in combination with other time frames for strategic planning.
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