Bitcoin just pumped like crazy in August, surging almost 30% 📈. Some say the bear market is totally over fr, but others think another devastating drop still lurks for the biggest crypto asset 🖤.
Deep Bottom Vibes 💀
Alphractal founder Joao Wedson noted BTC’s Balanced Price sits near $38,400 rn, tho historical patterns don’t force prices back there. The Balanced Price metric has nailed deep cycle bottoms before, but the time gaps between hits keep stretching longer, from 732 days to 1,120, then 1,200 and 1,420 days 🔮.
https://x.com/joao_wedson/status/2096982825010409909
In this cycle Bitcoin has already spent about 1,400 days since its last touch with that zone. Time spent below the metric is shrinking fast too, down to just one day in 2022 😈. The Balanced Price hovers near $38,400 and factors in the spending of old coins to mark extreme capitulation zones. It doesn’t guarantee a revisit, yet Wedson hints BTC might break its pattern and skip $38,000 altogether. If history repeats the $40,000 area could still act as a capitulation target 🌑.
Meanwhile investors grow super confident the bottom is behind us, with “Very Bullish” vibes dominating socials. That optimism beats the uncertainty after late 2022 and early 2023, but it might backfire if bulls get wrecked by another plunge 💸. Forced liquidations could spark more selling then.
Speeding to New Peaks 🕷️
One trader bets on a new all time high by Q4 next year and sees BTC above $126,000 by November 2027. Killa noted cycles are shortening, letting new ATHs arrive quicker each time. From the 2022 cycle alone he projects a new peak no later than February 2028.
https://x.com/KillaXBT/status/2097058703904034845
The current run is moving even faster after bottoming three to four months earlier, which could pull everything forward 👀.
Just another echo from the void by iconofsin.eth 💖
