Bitcoin: Comparing bear markets. Similarities and projection.

This chart illustrates how the previous bear market (2014/ 2015) on Bitcoin evolved. The event horizon between the 1166.89 Top and the 155.69 Bottom was 59 bars (413 days) during which BTC lost 86.35% of its value.

If we apply the same parameters on the current bear market, we get a projected bottom on a 1W candle around 28 January 2019 at 2,686 and an upside break out from the consolidation range on 18 November 2019. This is of course highly speculative but sensible trading would suggest that long term investors should wait for a clear bottom to be made before the buy again for the next bull market.

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