The price of Bitcoin rarely goes below the 4 year moving average. Currently, that level is around 55k. During the prior cycle, at the depths of the bear, Bitcoin price went as low as 15760, while the 4 year SMA was 23201.
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This is roughly 32% below the line. If the same happened during this cycle, and quickly, the price could drop as low as about 37600. On the bright side, very very very good chance price never goes that low. Unless markets get manipulated. Or people lose faith in it as a store of value. image
Bitcoin price went down because Luke complained to God about Bitcoin Core 30 in his prayers and God was like.. " I don't give a rats ass about Bitcoin clients as long as consensus rules remain as they are... but I will knock down the fiat value if not enough followers take part in No Nut November and No Shave November " Luke didn't relay the response and here we are at the beginning of December clamoring about RSI this and JP Morgan that and Tether FUD and Japan interest rates and the only one doin anything is Microstrategy stockpiling a 1.44 Billion USD reserve, just in case. So glad we've got single and multidigit sats to pass the time. Bring back Bitcoin Sea Shanties
Below 160 and it's position hasn't improved. Not buying common shares of MSTR here. Continuing to hold MSTZ as I believe we've more room to go down. Will reassess at 120 View quoted note →
Still to high to buy here http://blossom.happytavern.co/3d433b352a3beffff434399e20be89ae25b3e946d34cb4cb1f03c91d47a23c30 View quoted note →
Nothing like a good Bull trap to keep the party goin