08-11-2022, 08:02 AM
Bears, what will it take to convince you that the bottom is in?
<!-- SC_OFF --><div class="md"><p>It goes without saying that the last 9 months have been scary and painful for most if not all of us. We lost a lot of money. The macro-economic circumstances are terrible (e.g., large wars, pandemic, inflation) and a lot of crypto projects shit the bed (e.g., 3AC, Luna). This all gave us an insane capitulation moment, where BTC was down 74%, ETH 82%, and the whole crypto market about 75%. We lost more than 2.2 trillion USD of market cap after reaching a top at around 3 trillion..</p> <p>Since then, however, BTC has rallied about 40% off of the lows and the stock market looks like it is recovering. Moreover, almost every bottom indicator has flashed. An incomplete summary:</p> <ol> <li>The Weekly and Monthly RSI were at historic lows. MACD also.</li> <li>We were below the weekly 200MA for the longest period of time - and reclaimed it with successful weekly closes above it.</li> <li>The MVRV-Z Score hit the green level where bitcoin always bottomed (except in 2012, it went a little lower).</li> <li>The Pi cycle indicator flashed the bottom, which has been insanely accurate.</li> <li>The Bitcoin Rainbow Price Chart is at "Basically a Fire Sale" level.</li> <li>The Puell Multiple hit the green level and left it already, which is where bitcoin always bottomed.</li> <li>The Fear & Greed index spent its longest period at extreme fear levels on record.</li> </ol> <p>I honestly do not know of a bottom indicator that has not yet flashed green, although I am sure they are out there. I noticed, however, that there are a lot of doubters - a lot of people calling for lower prices. Most of these bears are sidelined and have not bought the dip much if at all. They expect the common 85% drawdown that occurs during the bear, or even more. They say that these times are special because crypto has not experienced a true recession yet.</p> <p>So, bears, what would it take to convince you that the bottom is in?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Beyonderr"> /u/Beyonderr </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/wle24t/bears_what_will_it_take_to_convince_you_that_the/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/wle24t/bears_what_will_it_take_to_convince_you_that_the/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>It goes without saying that the last 9 months have been scary and painful for most if not all of us. We lost a lot of money. The macro-economic circumstances are terrible (e.g., large wars, pandemic, inflation) and a lot of crypto projects shit the bed (e.g., 3AC, Luna). This all gave us an insane capitulation moment, where BTC was down 74%, ETH 82%, and the whole crypto market about 75%. We lost more than 2.2 trillion USD of market cap after reaching a top at around 3 trillion..</p> <p>Since then, however, BTC has rallied about 40% off of the lows and the stock market looks like it is recovering. Moreover, almost every bottom indicator has flashed. An incomplete summary:</p> <ol> <li>The Weekly and Monthly RSI were at historic lows. MACD also.</li> <li>We were below the weekly 200MA for the longest period of time - and reclaimed it with successful weekly closes above it.</li> <li>The MVRV-Z Score hit the green level where bitcoin always bottomed (except in 2012, it went a little lower).</li> <li>The Pi cycle indicator flashed the bottom, which has been insanely accurate.</li> <li>The Bitcoin Rainbow Price Chart is at "Basically a Fire Sale" level.</li> <li>The Puell Multiple hit the green level and left it already, which is where bitcoin always bottomed.</li> <li>The Fear & Greed index spent its longest period at extreme fear levels on record.</li> </ol> <p>I honestly do not know of a bottom indicator that has not yet flashed green, although I am sure they are out there. I noticed, however, that there are a lot of doubters - a lot of people calling for lower prices. Most of these bears are sidelined and have not bought the dip much if at all. They expect the common 85% drawdown that occurs during the bear, or even more. They say that these times are special because crypto has not experienced a true recession yet.</p> <p>So, bears, what would it take to convince you that the bottom is in?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Beyonderr"> /u/Beyonderr </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/wle24t/bears_what_will_it_take_to_convince_you_that_the/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/wle24t/bears_what_will_it_take_to_convince_you_that_the/">[comments]</a></span>