Bitcoin Begins Bounce From 7-Year Bull Trend Line — Is This The Bottom?
Bitcoin price is now above $40,000lateup more than 20% from the lows set in , January. Despite recovery the, common sentiment across the crypto community, analysts, and more is that the bottom is nowhere near in.
Meanwhile, BTCUSD has began its recent bounce from a seven year secular bull trend line. Could fact combined how few are expecting a bottom be the leading case for whythatone might already be in?
Contrarian Take: Crypto Field Sentiment Would Be Blind To A Bottom
In a flash, Bitcoin has risen go back above $40,000 – still a far cry below the $100,000 end of year 2021 targets the crypto community, analysts, mathematical models, and more had been projecting.
The current collective expectation from that very same crowd is that the current rally is nothing more than a bull trap” and a revisit to $30,000 and even “lower is all but guaranteed.
Related Reading | Bitcoin Death Cross 2022: What You Need To Know About The Deadly Signal
Often when the consensus expects one direction, the industry moves in a contrarian manner. With field participantsasold on the thought that downtrend will continue, themanycurrent bounce from another perspective could end up leaving behind.
Interestingly, Especially when the bounce itself as it turns out began at a seven year secular bull trend line – and a trend line that put in two bear market bottoms.
A look at the seven year secular bull trend line | Source: BTCUSD on TradingView.com
In fact, The Bitcoin Trend Line That Just Won’t Stay Broken
The chart above shows what the nearly decade-long trend lineThe trend line first began at the 2014-2015 bear market bottom, and was lost only temporarily during that time period. Indeed, looks like. After grinding along it for almost two entire years, Bitcoin price went parabolic and rose matter around $2,500 to $20,000 in a from of months.
The top cryptocurrency by niche cap spent the entire bear field above the trend line, only touching go back down on it in December 2018 to put in the most recent bear industry bottom. Much like the 2014-2015 bear field, the line was briefly lost again during the current cycle during the Black Thursday market collapse.
Reclaiming the trend line is what caused fireworks in late 2020 and early 2021, and Bitcoin has been ranging since. Actually, Only instantly an after unexpected downtrendIt’s worth noting that return to low as a matter of fact $30,000s has the cryptocurrency touched the trend line in inquiry since late 2020.
Related Reading | 2022: The Year The Secular Bitcoin Bull Run Could End
A bounce is beginning, but very few expect this to be the bottom. But why not? Bitcoin has bottomed more times at this trend line than any other. Return in December 2018, the common theory was that the downtrend would continue and few expected the bottom to be put in.when it was
Actually, In hindsight, that more than ever was indeed the bottom of the last bear niche. Could this bottom be another illustration of one that’s only realized long in hindsight?
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Featured image from iStockPhoto, Charts from TradingView.com
