$BTC So far, this cycle has mirrored 2022 remarkably closely.
The main difference is the volatility, deviations, and market manipulation.
This cycle has produced much larger moves above and below key levels. For example, in the previous cycle, BTC swept the ATH and retraced relatively quickly.
This time, price spent 60 days ranging above $108K before eventually moving lower, creating a much more prolonged distribution range.
We also saw a significant low at $28K in the last cycle. Once that level was broken, price never returned to retest it until the bear market had ended.
This cycle's equivalent appears to be the $74K low.
The key difference is that BTC aggressively deviated above that area beforehand, trapping and shaking out a large number of participants. As a result, the deviations around major highs and lows have been far more aggressive this cycle.
If the pattern continues to track the previous cycle, it would suggest that the bottom is likely close following the sweep below 60K.
However, given the increased volatility, we should also be open to the possibility of a deeper and more gradual deviation than what occurred in 2022.
Regardless, my view remains unchanged. I am a buyer at these levels because I believe the current cycle is nearing its bottom and the next major cycle will begin once this process is complete.
A few months of pain/chop is enough to make people go insane.
