The chart image above is Bitcoin’s monthly chart. The five largest drops in Bitcoin’s history are:
June 2011 – November 2011: -94%
November 2013 – February 2014: -93%
December 2017 – January 2018: -84%
June 2019 – March 2020: -71% (Covid Crash)
Oct 2021 – present (June 2022): -71%
A collection of time cycles and other indicators point to extreme oversold conditions and a highly probable bounce soon. If history repeats itself, then Bitcoin and the broader crypto market may experience a mean reversion higher or the beginning of a wider trend change. Either way, the move higher will likely be crazy.