{"id":482959,"date":"2022-02-05T18:00:27","date_gmt":"2022-02-05T18:00:27","guid":{"rendered":"https:\/\/wncen.com\/?p=482959"},"modified":"2024-06-11T14:11:14","modified_gmt":"2024-06-11T14:11:14","slug":"bitcoin-bounce-bull-trend-line-bottom","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bounce-bull-trend-line-bottom\/","title":{"rendered":"Bitcoin Begins Bounce From 7-Year Bull Trend Line \u2014 Is This The Bottom?"},"content":{"rendered":"<p><a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-topside-bias-vulnerable-38k\/\">Bitcoin price is now above $40,000<\/a>, up more than 20% from the lows set in late January. Despite the recovery, common sentiment across the crypto community, analysts, and more is that the bottom is nowhere near in.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Meanwhile, BTCUSD has began its recent bounce from a seven year secular bull trend line. Could that fact combined how few are expecting a bottom be the best case for why one might already be in?<\/p>\n<h2>Contrarian Take: Crypto Market Sentiment Would Be Blind To A Bottom<\/h2>\n<p>In a flash, Bitcoin has risen back above $40,000 \u2013 still a far cry below the $100,000 end of year 2021 targets the crypto community, analysts, mathematical models, and more had been projecting.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>The current collective expectation from that very same crowd is that the current rally is nothing more than a \u201cbull trap\u201d and a revisit to $30,000 and even lower is <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-death-cross-2022\/\">all but guaranteed<\/a>.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-death-cross-2022\/\">Bitcoin Death Cross 2022: What You Need To Know About The Deadly Signal<\/a><\/strong><\/em><\/p>\n<p>Often when the consensus expects one direction, the market moves in a contrarian manner. With market participants sold on the idea that a <a href=\"https:\/\/wncen.com\/news\/bitcoin\/market-re-enters-extreme-fear-bitcoin-declines-36k\/\">downtrend will continue<\/a>, the current bounce could end up leaving many behind.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Especially when the bounce itself began at a seven year secular bull trend line \u2013 and a trend line that put in two bear market bottoms.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-482960 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/BLX_2022-02-05_08-33-36.png?resize=860%2C411\" alt=\"BLX_2022-02-05_08-33-36\" width=\"860\" height=\"411\"><\/p>\n<pre style=\"text-align: center\">A look at the seven year secular bull trend line | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h2>The Bitcoin Trend Line That Just Won&#8217;t Stay Broken<\/h2>\n<p>The chart above shows what <a href=\"https:\/\/wncen.com\/news\/bitcoin\/2022-the-year-the-secular-bitcoin-bull-run-could-end\/\">the nearly decade-long trend line<\/a> looks like. The trend line first began at the 2014-2015 bear market bottom, and was lost only temporarily during that time period. After grinding along it for almost two entire years, Bitcoin price went parabolic and rose from around $2,500 to $20,000 in a matter of months.<\/p>\n<p>The top cryptocurrency by market cap spent the entire bear market above the trend line, only touching back down on it in December 2018 to put in the most recent bear market bottom. Much like the 2014-2015 bear market, the line was briefly lost again during the current cycle during the Black Thursday market collapse.<\/p>\n<p>Reclaiming the trend line is what caused fireworks in late 2020 and early 2021, and Bitcoin has been ranging since. Only now after an <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-death-cross-2022\/\">unexpected downtrend<\/a> back to low $30,000s has the cryptocurrency touched the trend line in question since late 2020.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a class=\"row-title\" href=\"https:\/\/wncen.com\/news\/bitcoin\/2022-the-year-the-secular-bitcoin-bull-run-could-end\/\" aria-label=\"\u201c2022: The Year The Secular Bitcoin Bull Run Could End\u201d (Edit)\">2022: The Year The Secular Bitcoin Bull Run Could End<\/a><\/strong><\/em><\/p>\n<p>A bounce is beginning, but very few expect this to be the bottom. But why not? Bitcoin has bottomed more times at this trend line than any other. Back in December 2018, the common theory was that the downtrend would continue and<a href=\"https:\/\/wncen.com\/analysis\/btc\/building-case-bitcoin-bottom\/\"> few expected the bottom to be put in<\/a> when it was.<\/p>\n<p>In hindsight, that was indeed the bottom of the last bear market. Could this bottom be another example of one that&#8217;s only realized long in hindsight?<\/p>\n<p><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/tonyspilotroBTC\" rel=\"nofollow\"><b><i>@TonySpilotroBTC on Twitter<\/i><\/b><\/a><b><i> or join\u00a0<\/i><\/b><a href=\"https:\/\/t.me\/TonyTradesBTC\" rel=\"nofollow\"><b><i>the TonyTradesBTC Telegram<\/i><\/b><\/a><b><i> for exclusive daily market insights and technical analysis education<\/i><\/b><b><i>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n<pre>Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is now above $40,000, up more than 20% from the lows set in late January. Despite the recovery, common sentiment across the crypto community, analysts, and more is that the bottom is nowhere near in.\u00a0 Meanwhile, BTCUSD has began its recent bounce from a seven year secular bull trend line. Could that fact combined how few are expecting a bottom be the best case for why one might already be in? Contrarian Take: Crypto Market Sentiment Would Be Blind To A Bottom In a flash, Bitcoin has risen back above $40,000 \u2013 still a far cry below the $100,000 end of year 2021 targets the crypto community, analysts, mathematical models, and more had been projecting.\u00a0 The current collective expectation from that very same crowd is that the current rally is nothing more than a \u201cbull trap\u201d and a revisit to $30,000 and even lower is all but guaranteed.\u00a0 Related Reading | Bitcoin Death Cross 2022: What You Need To Know About The Deadly Signal Often when the consensus expects one direction, the market moves in a contrarian manner. With market participants sold on the idea that a downtrend will continue, the current bounce could end up leaving many behind.\u00a0 Especially when the bounce itself began at a seven year secular bull trend line \u2013 and a trend line that put in two bear market bottoms.\u00a0 A look at the seven year secular bull trend line | Source: BTCUSD on TradingView.com The Bitcoin Trend Line That Just Won&#8217;t Stay Broken The chart above shows what the nearly decade-long trend line looks like. The trend line first began at the 2014-2015 bear market bottom, and was lost only temporarily during that time period. After grinding along it for almost two entire years, Bitcoin price went parabolic and rose from around $2,500 to $20,000 in a matter of months. The top cryptocurrency by market cap spent the entire bear market above the trend line, only touching back down on it in December 2018 to put in the most recent bear market bottom. Much like the 2014-2015 bear market, the line was briefly lost again during the current cycle during the Black Thursday market collapse. Reclaiming the trend line is what caused fireworks in late 2020 and early 2021, and Bitcoin has been ranging since. Only now after an unexpected downtrend back to low $30,000s has the cryptocurrency touched the trend line in question since late 2020. Related Reading | 2022: The Year The Secular Bitcoin Bull Run Could End A bounce is beginning, but very few expect this to be the bottom. But why not? Bitcoin has bottomed more times at this trend line than any other. Back in December 2018, the common theory was that the downtrend would continue and few expected the bottom to be put in when it was. In hindsight, that was indeed the bottom of the last bear market. Could this bottom be another example of one that&#8217;s only realized long in hindsight? Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":482961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664],"class_list":["post-482959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\n<title>Bitcoin Begins Bounce From 7-Year Bull Trend Line \u2014 Is This The Bottom?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is now above $40,000, up more than 20% from the lows set in late January. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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