🔥 Bitcoin Drawdown & Halving Analysis Suggest Huge Gains Ahead
In this chart I'm looking at the BTC monthly chart. The DrawDown indicator on the bottom is calculating the max drawdown based on the monthly close.
As seen on the bottom chart, the DD has bounced off the diagonal purple support line around -73%. In my view, we're likely to see the DD indicator moving up over the next months, which consequentially means gains for BTC. Furthermore, this confirms my belief that the bottom is indeed in.
Furthermore, we can see that the DD is always much higher during the halving-months than it currently is. The average DD over the last 3 halvings was -34%, which would bring Bitcoin at a value of ~$45,500 in May 2024, roughly a 2x from the current price. Whether BTC will follow the average of the last 3 halvings remains to be seen, but I think we'll see gains nevertheless.
Do you think that the bottom is in? What will BTC's value be during the next halving? Share your thoughts.
As seen on the bottom chart, the DD has bounced off the diagonal purple support line around -73%. In my view, we're likely to see the DD indicator moving up over the next months, which consequentially means gains for BTC. Furthermore, this confirms my belief that the bottom is indeed in.
Furthermore, we can see that the DD is always much higher during the halving-months than it currently is. The average DD over the last 3 halvings was -34%, which would bring Bitcoin at a value of ~$45,500 in May 2024, roughly a 2x from the current price. Whether BTC will follow the average of the last 3 halvings remains to be seen, but I think we'll see gains nevertheless.
Do you think that the bottom is in? What will BTC's value be during the next halving? Share your thoughts.
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