‘No emotion’ — Bitcoin metric gives $35K as next BTC price macro low

Data suggests that Bitcoin (BTC), is showing classic macro bottom signs in a bear market.

Popular Twitter trader Alan has revealed new findings that the BTC price action closely mirrors previous cycles.

Stoch data trader: “Don’t shaken out!”

Although some people are worried about the state of Bitcoin and crypto market, the on-chain indicators suggest that the 2022 bear markets will be similar to those in the past.

Alan spotted the BTC/USD one-month stochastic charts and noted that Bitcoin was repeating the same structure as the 2018 and 2014 bear markets.

The classic tool for identifying price cycles, bullish and bearish interplay, the stochastic oscillator is a great one.

Bitcoin is no exception. Monthly low Stochastic readings that match bear market floor prices perfectly have been confirmed by TradingView and Cointelegraph Markets Pro.

These low levels are now back, numbers that have appeared only three times previously.

BTC/USD 1-month candle charts (Bitstamp) – Stochastic indicator Source: TradingView

Stoch is not only calling for a new macro BTC price to drop, but it can also help determine where Bitcoin will bottom in the future.

Alan predicted that the next low price point in the cycle could be $35,000 by using data from previous cycles.

“Bitcoin is Flag and it’s better than the old Flag configuration. He commented beside the chart, “Yellow zone from Stochastic indicator shows (at minimum) second half the flag. This is where we are right now.”

“Next pole low = 35k. A dip is always followed by a quick rebound. Don’t let emotion get in the way of your recovery.

Annotated chart of BTC/USD Source: Twitter/Trader Tardigrade/
Much-needed silver lining

Stoch behavior and other phenomena may be able to console traders who have seen Bitcoin fall up to 75% since its all-time highs of 11 months ago.

Similar: Price analysis 10/14 SPX, DXY. BTC, ETH. BNB, XRP. ADA. SOL. DOGE. MATIC.

Popular sources are insisting that the bottom has not yet reached, so there is little to be optimistic about when analyzing BTC price action in the short-term.

There are very few optimists, including Philip Swift, a well-known analyst who predicted to Cointelegraph this week that the 2022 bear markets would be over by the end.

Others are less optimistic. Alasdair Mcleod, a senior analyst at Goldmoney, said this week that investors should forget about the good times and wait until the United States Federal Reserve makes changes to its policy on interest rates.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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