We are kind of trading along the long-time support of the last ATH and possibly if that happens to be broken like some other people believed Bitcoin will, then we are possibly looking at the Red bottom line which is around $12k-$11k which is marked with the brown line Bitcoin Rainbow Chart but do we think we could have that much deflection from within the chart down that level?
So, the big question is, can Bitcoin break the normal 4-year circle, or are we seeing another ATH before the next Halving, I think this might not happen until after the Halving
The reason people are saying his has nothing to do with fundamentals of bitcoin but the extremely negative view of the market. Raoul Pal said that the market is too bearish because of the negative statements from the FED, war in Ukraine and the press trying to scare people with recession.
IMO Bitcoin would never go below 30k in this bear market on its own but it was forced down by a coordinated action of a few institutions and individual scammers like Do Kwon of Luna and all that happened amidst fears of rate hikes. Bitcoin in a way broke the cycle because it fell below its ATH from the previous cycle which I've
mentioned in June.
Bitcoin is worth much more than 19k.