Bitcoin's Potential Bottom: Bear Market Rally and S&P 500 Death Crosses
This article is a summary of a YouTube video "Where Is The Crypto Bottom? (Worst Case Scenario)" by Benjamin Cowen
TLDR Bitcoin's bear market rally and potential bottom in November, combined with the S&P 500's weekly death crosses and Bitcoin's dominance surge, could signal a cyclical bottom for Bitcoin in the next 6-12 months.
Cryptocurrency market cap peaked at 3 trillion dollars, raising speculation of a potential dot-com crash-like outcome.
Bitcoin's bear market rally of 40%, 50%, and 60% suggests a worst case scenario, with November now being discussed as a potential bottom.
Bitcoin could reach 25k with a 60% move, but a 27% drop in market cap to 500 billion is possible due to similarities between Bitcoin and the NASDAQ.
Bitcoin has broken out of a downtrend line and could potentially rally and fall back to test the trend line again.
The bear market could potentially last until November, but price action is King so watch for a new high to confirm the bottom.
It's uncertain what to make of the S&P 500's weekly death crosses in relation to Bitcoin, but if it continues its current trajectory, it could soon experience a golden cross that could start the next bull market.
Bitcoin dominance surged to the 50-week SMA before being rejected, and a potential double top in March coinciding with the FOMC meeting could signal a recession in the next 6-12 months.
After the FED's early rate hikes, a lower low in October could indicate a cyclical bottom for Bitcoin, so make sure to subscribe and check out Into The Cryptoverse Premium.