$BTC People are once again calling for the bottom way too early.
We are now 212 days into the bear market, which isn’t even two-thirds of the average duration, and sentiment is already starting to flip bullish again.
It’s the same thing every cycle and yet people are still falling into this trap over and over again.
We see a relief rally, euphoria returns, and people begin calling for an early bottom, exactly as we’re seeing now.
But the reality is that many sign of a true bottom formation are still missing. For example repeated sweeps of lows, a confirmed shift in market structure on higher timeframes such as the weekly or total capitulation.
Of course, I’m aware that cycles change over time and that historical data isn’t something we can rely on 100%.
But believing that the bottom was already in after just four months would imply that this cycle bottomed nearly three times faster than any previous Bitcoin cycle.
I still believe that we’ll eventually go lower and that the bottom hasn’t formed yet.
The only way my view changes is if price invalidates bearish HTF structure with a break above $97k.
#bitcoin #BTC #altsesaon