10:16PM, Sunday 24th September 2023

Bitcoin bottom for 2022?

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Where's the Bottom for the Third Quarter 2022 of Bitcoin?

Since reaching an all-time high of almost $70,000, the price of bitcoin has decreased by roughly 70%. If Bitcoin were a firm, a change of this magnitude would either create a huge opportunity or raise concerns about its ability to continue operating. Although this cycle has gone longer than the 117-day average, it hasn't yet reached its worst point in history.

The current discount might be alluring for bullish investors with a long-term vision, but if history is any indication, an entry opportunity closer to $15,000 might be made in the event that an 80% fall from the high occurs. I don't think bitcoin will change until the macro situation is more favorable.

It's hard to predict a bottom any time soon without a change in financial conditions, which are actively tightening right now. After a cycle bottom, bitcoin has historically recovered on average 69 percent during the subsequent six months. The selling pressure may continue into the end of the year or later if this cycle more closely follows the 2018 vintage. Nevertheless, the price of bitcoin usually reverses course fast after the selling ultimately stops.

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