Despite much fear and doubt invading the minds of crypto investors, bitcoin is in phase 1 of the bull market and is continuing to build price structure.
Zoom out
Fear is coursing through the veins of cryptocurrency investors. This fear may lead to irrational trades that many will regret later. The price of bitcoin has been falling steadily for the past two months and there appears to be no end in sight.
However, when there is doubt – zoom out. Too many investors new to bitcoin and crypto get paralysed with uncertainty by looking at the shorter time frames. It’s easy to get riddled with doubt if you are watching the 1-hour or the 4-hour time frames.
Zooming out to the 2-week time frame, things look so much clearer, and it’s easy to see exactly where bitcoin is in relation to past price action. It’s only when one does this that it becomes apparent that bitcoin is actually holding nicely above the price structure that it has been building since mid-2022.
Bitcoin is following the same pattern
In fact this same process has been followed ever since the first phase of the bitcoin bull market in 2012, and the succeeding ones in 2016, 2019, and now 2023.
The same bottom is made, which in the last two bear markets was a double bottom, and which so far has also been the case for this bear market that bitcoin is currently emerging from.
All bitcoin has done in the current phase 1 of its bull market is confirm the support on top of the structure it has built at around $23,000 to $25,000. The current drop in price looks as though it might reconfirm this support.
Worst case scenario
Of course, looking at the worst case scenario bitcoin could even drop through this support. It could wick down, or it could even go down to revisit the low. However, even this would not negate this phase 1 of the bull market, and would be an amazing opportunity to buy.
New investors are full of the stories of how bitcoin did crazy percentage gains to the upside in previous bull markets, but this time it looks to be different. The gains are definitely declining for each successive bitcoin bull market, but even so, a rise to $100,000 is not out of the question, and a 4x in the present financial environment would be an amazing return.
Bitcoin is freedo
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Author: Laurie Dunn
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