As the end of 2022 approaches, many Bitcoin Proponents wonder if the bottom has been reached as far as the official end of winter for cryptocurrencies is concerned. The current Bitcoin bear market has entered the formation of the longest trough since the Bitcoin bear market of 2013-2015. Additionally, analysts noted that most of the technical bottom indicators used to predict the price of Bitcoin failed to predict whether a bottom is coming.
Rainbow and S2F: A list of technical indicators that failed to predict Bitcoin bottom
Celebrated enduring one of the longest and toughest Bitcoin bear markets since the . At the time, the 2013-2015 Bitcoin bear market was the longest bear market, but today, the current crypto economic contraction period is set to exceed the 2013-2015 crypto contraction period. It has been.
In addition to the longest trough phase, Bitcoin.com News said that 144 days ago, many technical indicators failed this year to predict Bitcoin’s future US dollar value. I reported what I did. One of the biggest pricing model failures mentioned this year was the stock-to-flow (S2F) model.
‘We need more pain before we hit the bottom’
– Top 3 Exchange Collapse
– This sector 2 Top VCs Liquidate
– 2 Top 10 Coins with mcap over $60B go to zero
– Lending Market Wiped
– Bitcoin Up to 80 from ATH % drop
– 90-99% down from ATH
What more do you want?
— K ALEO (@CryptoKaleo) Dec 22, 2022
So-called “best” technical indicators all ended in disaster Despite this, many cryptocurrency advocates are still writing forum posts and social media threads about Bitcoin’s confusing bottom. For example, on December 27, Twitter account Crypto Noob tweeted:. This is where the bottom historically forms. Do you think BTC has bottomed out?”
Questions and posts like these are found on crypto-focused forums and on social media platforms like Facebook and Twitter. Scattered. On Reddit, the subreddit forum r/cryptocurrency featured post highlighting how a technical trough indicator went awry. The post’s author details that analysts “have no clue” and that “IS is different” this time.
The author of this post, “u/Beyonderr”, explains why 8 technical indicators were unreliable for his Bitcoin traders this year. For example, the Weekly He RSI (Relative Strength Index) was thought to mark oversold levels and bitcoin bottoms, but Beyonderr says, “This has not been true this year.” .
Other unreliable technical indicators that Beyonder mentioned include monthly MACD (convergence/divergence of moving averages), rainbow price charts, 200-week moving average, 100-week moving average X Includes 20 weeks of travel. Average percentage of drawdown from the average, Pi cycle indicator, hash ribbon indicator and cycle highs.
Additionally, Beyonderr derided his S2F pricing model by calling it a “meme bonus” indicator. “The worst indicator of them all, Plan B’s horrible stock-to-flow model. He also said there may be four indicators that suggest “it may be in.”
Beyonder-cited metrics include signals such as ‘Time in Market’, ‘Puer Multiple’, ‘Mayer Multiple’ and ‘MVRV Z-Score’. On the other hand, many people on social media platforms such as Twitter genuinely believe the bottom is pretty close, but so far most technical signals are just unreliable deviations.
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