Looks like a pretty good bottoming indicator to me...
Major Financial Outlets calling for Bitcoin to enter Bear Market Territory...
This probably means we are at or near a bottom.
In traditional markets, a 20% drop from the previous highs is considered a bear market.
Which, bitcoin is now down 20% from it's recent all time highs...
(Source: https://twitter.com/crypto_blkbeard/status/1464323364437336071/photo/1)
However, bitcoin isn't an ordinary asset...
It routinely drops 20-30% during bull market dips.
I suspect this is the last major one before a significant move higher, at least that is what all the past data and patterns are pointing to.