NewsBTC's Daily Crypto Technical Analysis: Bear Markets
In this episode of NewsBTC's daily crypto technical analysis videos, we are looking at past Bitcoin bear markets to see how far they could fall.
Looking at past Bitcoin bear markets, it's hard to say how much further we could have to go before a bottom is in. However, if history is any guide, we could see some more downside in the near term before a sustained rebound takes hold.
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Bitcoin Price Analysis: November 9, 2022
Bitcoin's price has been in decline for some time now, and things don't seem to be getting any better. Support has been decisively broken, and the price seems to be headed lower and lower.
Expanded Flat Corrective Pattern Fills Out Further
It is clear that the market is bearish, but there is a possibility that this could be the final wave in an expanded flat pattern. The push to new lows is filling out what could be a large falling wedge pattern, but the price action and sentiment out there make it difficult to consider any bullish thesis.
The recent Bitcoin price action has been intriguing, to say the least. After retracing to the 0.5 Fibonacci level on log settings, many investors are wondering what's next for the world's largest cryptocurrency. Some expect Bitcoin to continue climbing to new all-time highs, while others believe that the recent price action is a sign of things to come. Only time will tell what the future holds for Bitcoin, but one thing is for sure: the cryptocurrency market is always full of surprises.
Bitcoin's Bear Market Could Get a Lot Worse, Analysts Warn
In the next few charts, it is possible that the worst case scenario would be filling a BTC CME gap at under $10,000. Although this would be a diagonal uptrend support, it is still a large retracement from the peak.
It's notable that BTC has fallen by an average of 85% during bear markets in the past. This suggests that the current bear market could see a similar decline. However, it's also worth noting that the market has been much more volatile in recent years, so anything could happen.
It's becoming increasingly clear that Bitcoin is here to stay. While the cryptocurrency may see some ups and downs in the future, overall it seems that the volatility is disappearing and it is becoming a more stable investment. This is good news for those who have been holding onto Bitcoin, as well as those considering investing in the digital currency.
