Demand Doldrums
Orange coin good...but the same orange coin at a lower price, is even better.
G’day Folks,
I am going to delegate the opening price analysis to my friend Bill Murray:
It is hard to overstate the staying power of this chop, and this market structure is quite unique in Bitcoins history. I actually ran an exercise yesterday to come to this conclusion. I started as far back as TradingView lets, and scrolled left to right through the entirety of Bitcoins price history, using a 1yr zoom window.
I was looking for any periods which struck me as similar enough to warrant investigation, and the closest analogue I could find was 2019. This was the only period that had the same boring, grinding, exhausting sideways to down, choppy drift…(see It’s 2019…Again).
I also noted is that the MVRV Ratio is now below its 365d average, and this is historically a sign that bear market goggles may be required for the road ahead.
In this piece, I’ll take a very critical look at the underlying market structure, seeking to answer whether we really have fallen into a bear market…again.
You’ll hear from both Check the Analyst, and Check the HODLer, providing both a formal analytical perspective, and what I am personally doing with that information.
📈 Reminder: you can find the charts from our articles on the Checkonchain Charting Website, and a guide in our Charts Tutorial Video.
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