Hello again. I'm here with another Bitcoin analysis. The last time I shared about Bitcoin was in November. We have come to the last days of the year. I updated my graphics. Before entering the new year, I thought it would be appropriate to share an analysis.
I got the screenshots from Tradingview site. I am following the data of Binance Exchange as the volume is higher. The screenshot below is from the BTC/USDT chart.
First, let's examine the data in the daily time frame. The price is moving below the $19,000 peak we saw in the 2017-2018 season. If it starts to rise, this area will act as resistance. Above, there is a supply-demand region in the $32,000-40,000 price range. There is no appreciable resistance below.
We're looking at the 240-minute time frame. There is a horizontal movement in the 16350-16750 price range. If an uptrend occurs, it will test the 2018 peak I mentioned earlier. We cannot predict any bottom zone when there is a downward trend. $15,000, $12,000, $8,000 levels can be followed.
I will post two more charts. Linear chart:
Logarithmic chart:
I took the screenshot from the data of the Bitfinex exchange. I couldn't find a chart from earlier dates. Therefore, we will examine the data of the Bitfinex exchange. Since there is no chart data before 2014, we cannot examine the previous ones. The areas marked with a green line are the years when the reward halving will occur for Bitcoin miners. The red areas are the years when Bitcoin entered a downtrend. So we had a continuous bear season in 2014, 2018 and 2022. At the same time, 2014, 2018 and 2022 show that there is one year left for miner rewards to decrease by 50%. In the year before the halving, we see a horizontal price movement. Or an uptrend begins. Let's remember; When the year 2022 begins, the bear season has started again.
Now let's look at the price movements in 2014 and until the halving;
The graphic below shows the year 2018 and beyond;
We are considered to have completed the year 2022. It's about a year and a half until Halving (Estimated May 2024) We will watch it together; Will a bull season start in 2023? Or will the downtrend continue?
This is not a bullish or bearish signal. And this article is not investment advice. You should make your investment decisions yourself according to your psychological and financial situation. It would be more beneficial to see this sharing as an educational work. Ll see.