While I'm a super bull who hopes BTC will do V-recovery and surpass $100k this Q2 🤑,
When you check the past data, the current point is a risky zone that can occur more dips 🥲
I checked every periods when entered bear markets after BTC(Bitcoin) dropped below 365d MA(Moving Average) line and consolidated.
The above chart shows the current situation. Once BTC fell below 365d MA line, BTC had consolidated for 3 months(Green zone). Then, it collapsed to the current price level.
A case that broke 365d MA line again after BTC dropped below 365d MA line and consolidated(Green 🟩 zone) happened one time since 2014.
2018~19
The periods when went below lower prices after entering more than 2 green 🟩 zones were 2014~15 and 22~23.
To summarize, since 2015, there were 1, 2 and 3 green zones during the past 3 bear markets.
If this cycle ends with one green 🟩 zone, the current price level would likely be a bottom price level, and soneday, it will break 365d MA line again.
However, there were more than 2 green 🟩 zones 2 times. Thus, the current price could be a risky level.