The case for a BTC Bottom: Have we Already hit "$10K??"
The idea here is that price does not really need to go to the 10k-12k region for support because the real valuation is already actually there.
BTC, as an asset, is the same percent value of total dollar supply as it was in 2019 when each coin was worth about $10-12K.
In USD terms the 16K to 18K region seems to be a no mans land... which in truth it kind of has been since price has spent so little time in these regions in past bull market crashes and pumps. usually this area is a transition zone.
But in terms of real asset valuation (using the total USD monetary supply as a denomination) the price is actually already in a fairly strong support zone that could produce healthy sideways consolidation and support as markets continue to churn in the uncertain 2022-2023 market environment.
No matter what... there is still a halving that will happen in 2024 as long as BTC is still running. So yeah. NFA..
BTC, as an asset, is the same percent value of total dollar supply as it was in 2019 when each coin was worth about $10-12K.
In USD terms the 16K to 18K region seems to be a no mans land... which in truth it kind of has been since price has spent so little time in these regions in past bull market crashes and pumps. usually this area is a transition zone.
But in terms of real asset valuation (using the total USD monetary supply as a denomination) the price is actually already in a fairly strong support zone that could produce healthy sideways consolidation and support as markets continue to churn in the uncertain 2022-2023 market environment.
No matter what... there is still a halving that will happen in 2024 as long as BTC is still running. So yeah. NFA..
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.