Bitcoin Capitulation May 2022
Updated
It takes on average 400 days for Bitcoin to go from cycle peak to 200 weekly moving average. Last two cycles after cycle peaks we found a bottom at the 200 weekly will it be different this time round?
It would definitely be different this time round if Bitcoin does not put in a bottom at the 200 weekly at this point. The week of May 23rd 2022 would be 406 days since the cycle top April 2022.
The top in April 2022 was the true cycle top the one that followed after was just pure manipulation , that run to 70k was just a trap , with only half of the Bitcoin address active for that run , price still managed to get to all time high and like clockwork the 7-10 year old wallets come in again and sell a massive amount of Bitcoin creating yet another Bitcoin top. So yeah that run was created by the few ,there was no hype , no retail just whales. Take a look at the link below of on-chain data.
ibb.co/PM4PzKs
Its important to note that Bitcoin has never closed a weekly under the 200 weekly moving average but has wicked down twice below it on average 30% , so a worst case/black swan scenario would take Bitcoin down to as low as 14k and close that week at 22k coming May 2022.
It would definitely be different this time round if Bitcoin does not put in a bottom at the 200 weekly at this point. The week of May 23rd 2022 would be 406 days since the cycle top April 2022.
The top in April 2022 was the true cycle top the one that followed after was just pure manipulation , that run to 70k was just a trap , with only half of the Bitcoin address active for that run , price still managed to get to all time high and like clockwork the 7-10 year old wallets come in again and sell a massive amount of Bitcoin creating yet another Bitcoin top. So yeah that run was created by the few ,there was no hype , no retail just whales. Take a look at the link below of on-chain data.
ibb.co/PM4PzKs
Its important to note that Bitcoin has never closed a weekly under the 200 weekly moving average but has wicked down twice below it on average 30% , so a worst case/black swan scenario would take Bitcoin down to as low as 14k and close that week at 22k coming May 2022.
Note
Warning to all , 7 to 10 year old wallets massive output volume double the output volume of the 70k top! ibb.co/kBNjJwc
Note
WoW! output volume just hit all time high! something is up!ibb.co/x8dGj6T
Note
This is historical levels of output volume , its higher than any cycle top , covid crash everything !Note
Still getting alarms on the output volume 24hours later , output volume still increasing and making all time high every couple of hours , historical move ahead
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