The year the long-term Bitcoin bull market may end

When the candles on December 31, 2021 are Bitcoin, It not only started a new calendar year-it triggered an unprecedented sales setting. This is why the long-term bull market for cryptocurrencies may end this year and the first real bear market appears.

Bitcoin annual chart triggers first sale setup

You won’t know it is based on Recent bearish price movements, But the Bitcoin Genesis block has been in a continuous bull market from the moment it was generated Thirteen years ago today.

In the process of growing up from a normal childhood to a teenager, the price of each token has soared from zero to $68,000 per bitcoin.

Related Reading | Dots and Graphs: Graphs That Make Bitcoin Support Cut and Deplete

Trajectory Not always, As the price chart shows, but the asset is still very bullish. Many indicators support this theory and have never entered a bear market since the price record.

For example, MACD per month Despite the existence of a “bear market” in 2018-2019, it has not fallen below the zero line since 2015.The monthly directional movement index only had a temporary bear market crossover for one month around mid-2015, but other than that Never bearish For the extended phase.

However, the ups and downs experienced over the years, as any 13-year-old child would experience, led to specific selling settings. TD sequenceThe tool is a market timing indicator developed by Thomas DeMark-it is useful in calling reversals in other time frames.

The signal that makes you want to scream "nine!" | Source: BTCUSD on TradingView.com

In the 13 years since the asset’s debut, the first TD9 sell setting appeared on the BTCUSD annual price chart. On the TradingView BTCUSD index, price movements began in 2010. Excluding the bear market years of 2014-2015 and 2018-2019, there are exactly 9 candles whose opening price is higher than the previous candle-triggering the sell setting.

Theorizing the end of a long-term bull market

Despite the ominous signals, the current bull market cycle has not lost everything-although it does make another person believe more Bull market end mode This may be developing.

according to Elliott Wave Theory, The market grew five waves. These five impulse waves are decomposed into wavelets with similar behavior, alternating between uptrend and correction phases. In the larger cycle, these correction phases are what we call bear markets. In a smaller time frame, the correction usually feels as severe as the current mood confirms.

Bitcoin BTCUSD_2022-01-03_11-34-56

The good news and the bad news in one chart | Source: BTCUSD on TradingView.com

Bitcoin seems to have entered the fifth impulse wave in the main momentum wave cycle.The current count shows that the cryptocurrency is Also within the fourth wave The five sub-waves imply that the finale should unfold in the next year.

Related Reading | Bitcoin’s fall: studying rare bull market correction patterns

If the Bitcoin price does reach $100,000 or higher, considering the annual TD9 selling setup and potential wave structure, this may be a worthy sell signal. But when?

follow @TonySpilotroBTC on Twitter Or join TonyTradesBTC Telegram Exclusive daily market insight and technical analysis educationPlease note: The content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com



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