- The crypto community gets 9 detailed charts that suggest the place of the Bitcoin bottom.
- The Bitcoin bottom seems to be in according to the majority of Bitcoin bottom indicators.
- While the majority point to the bottom being in, there are some indicators saying not yet.
According to one Bitcoin enthusiast, there are many ways to predict the price behavior of Bitcoin. The analyst goes on to list 9 possible Bitcoin bottom indicators to predict whether the Bitcoin bottom is finally in.
In detail, a user shared their Bitcoin bottom prediction on the Reddit CryptoCurrency thread. In response, many are impressed at the effort and attention put into the post to share relevant information to the crypto community.
To highlight, the user shares 9 different Bitcoin price charts to map the possibility of the Bitcoin bottom being in. The first is the rainbow chart which signifies that the Bitcoin bottom is indeed in. This chart uses the logarithmic growth curve to forecast the potential future price direction of Bitcoin. Presently, it is at the lowest level of a Bitcoin dip.
The second chart in the Bitcoin 200 weekly moving average. This chart suggests that the Bitcoin bottom might be in, It suggests a good time to buy Bitcoin (BTC). Meanwhile, the total market cap 200 weekly moving average says the Bitcoin bottom is in.
Next, the Pi cycle indicator says the Bitcoin bottom is indeed in. This chart forecasts the tops and bottoms for Bitcoin and is based on the two long-term moving averages. These are the 471-day simple moving average as well as the 150-day exponential moving average. This chart predicted the cycle lows in 2015 and 2018.
Adding on, the Hash ribbons indicator and the Puell Multiple indicator both say that the Bitcoin bottom is in. The former identifies periods where Bitcoin miners are in distress and are capitulating. Likewise, the latter calculates the daily issuance value of Bitcoins by the 365-day moving average of daily issuance value.
In contrast, the MRV Z-score indicator is pointing to a no or a maybe, while the 85% drawdown from all-time high indicator is pointing to a no. Here, the former uses blockchain analysis to identify periods where Bitcoin is supremely under or overvalued in relation to its ‘fair value’. As for the latter, it compares the asset’s drop from its all-time high price. This time, it expects another 10%-12% fall before the bottom will be in. Lastly, the weekly RSI indicator points to the possibility that the Bitcoin bottom is in. All in all, it seems that the majority of the Bitcoin bottom indicators point to the Bitcoin bottom being in. However, there may still seem to be possibilities for the Bitcoin bottom to keep falling.
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