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I would like to see one more sweep.
I think the most likely outcome here and now is a third sweep of that $60k low, a little bit deeper.
Give us three drives down and the opportunity to solidify the $60k bottom.
Right now price is grinding upwards, but in a very corrective fashion, below $65,000.
If we break above $65,000 then i think we see $70,000 before the final sweep.
Fail to reclaim $65,000 and it happens sooner.
However, overall, I think the $60k low holds, with a maximum sweep level of $54,000, which we would want to see recover fairly quickly.
Right now we are within the total bottom conditions of every previous cycle, with some even going more extreme:
- 200w SMA tag
- 10.5m Bitcoins sitting in loss
- LTH Supply at record levels
- 1W Bull divergence after oversold
- 1W Bear Divergence on USDT.D
These are major Bitcoin bottom signals.
Any drop from here should come soon and imo, be short lived.
We have these major bottom signals within a very strong stock market, so I think the recovery will be faster than most think.
Next few weeks should provide us the reality.