Bitcoin Weekly: Practice Your Patience

Another week of weak price action in bitcoin. So far the support around 70k has not offered any sign of a bounce at all. It still hasn’t broken conclusively, but if we are to get a counter trend rally here, bitcoin better get its ass moving.

Also watch the accompanying chart analysis on YouTube.

Bitcoin’s bounce off of the 60k low point three weeks ago has been weak so far. As I’ve said now for the last couple of weeks, bitcoin is clearly in a bear market. There is no question about it. A V-shaped recovery up to new all time highs anytime soon is very unlikely. More likely this will mimic past bear markets, and drag on for about 9 more months, before it finally bottoms out sometime later this year.

The path to the final bottom is not at all certain however.

So far the situation is actually still extremely similar to 2022. If this pattern continues, bitcoin is in for a long leg down within weeks. I still don’t think this is the most likely scenario. But if stock markets roll over, it could well happen, so you better be prepared for it.

The best action right now is to just wait this out. This is not the time to take big risks. Eventually bitcoin will bottom out, and the chart will offer much better entries.

Until then, practice your patience.