An astonishing repetition of the bear market of 2022
It has now been 120 days since the Bitcoin price marked its cyclical peak at 126,000 dollars and since then it has been astonishingly repeating the price and time pattern of the bearish market of 2022, the previous 'bear market.' But beware, this comparison will not hold for long.
The drawdown of BTC is now 40% from its historical record of Monday, October 6. We know that from bear market to bear market, this drawdown is decreasing but it has always been above 70%. I believe that the drawdown of our current bear market will be more contained due to the massive institutional presence compared to the past.
Despite everything, it is evident that BTC is repeating the technical and cyclical structure of the year 2022, but BTC has never had the same chart as its past, so the comparison will not hold for very long. The market top occurred 80 weeks after the halving (see all the data on the chart below) and the low point zone is expected around 130 weeks after the halving, which will be next September. However, many market indicators suggest that the bottom could be reached before this date, notably the relative approach and arbitrage with precious metals.#BTC