224 Days Bitcoin has been moving lower (sideways). I was calling the 2013/14 bullish wave a "recovery wave" based on the action that took place in early to mid 2019. The difference this time around is that Bitcoin went on to produce a new All-Time High but this was the map we were following.
The recovery wave in 2019 led to the March 2020 crash. After the peak in July 2019, Bitcoin went sideways with lower highs for exactly 224 days. The last five weeks of this time period produced a bounce, as we are seeing now, and then after one neutral and small red week the final crash leading to March 2020 happened. Nobody saw it coming.
We are in a very similar situation, Bitcoin's 2024 capitulation event.
The March 2020 crash lasted three weeks of strong bearish action, five weeks total. The first two weeks were a type of suspension at the top before the crash. The drop led to the testing, on a wick, of a low price range in late 2018/early 2019. Today, this would be equivalent to Bitcoin crashing to the same level at which it traded around October/September 2023, that is, on a wick. It would recover almost instantly from the low prices and then it would take a while to climb back up into strength.
Prepare for the crash. The longer it takes for this to happen the more painful it will be for the market. It has been already long enough, this means that the crash will be super strong. 43K is not the bottom.
Thanks a lot for your support.
Namaste.
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