The Pi Cycle Bottom Indicator has proven to be quite accurate in calling the bottoms for both the 2015 and 2018 bear markets. Usually when this happens, it is followed by a multi-month consolidation phase, which then launches a parabolic bull run.
What exactly is the Pi Cycle Bottom Indicator? This indicator flashes when the 471-day SMA and the 150-period EMA cross.
This week is the third time in Bitcoin's history that this indicator has flashed, which tells us that the bottom is close.
Can there still be one final capitulation wick to the downside? Of course. But, the main point here is that we are NEAR a bottom. Combine this with the weekly/monthly RSI, and you have a fairly good accumulation opportunity for the long-term.
@Tradersweekly, I wrote in my post: "Can there still be one final capitulation wick to the downside? Of course. But, the main point here is that we are NEAR a bottom. Combine this with the weekly/monthly RSI , and you have a fairly good accumulation opportunity for the long-term."
Tradersweekly
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@LA_Designer, Well, how "near" is this bottom? Is it 20%, 30% or 50% to a bottom? I think we can argue how "near" the bottom we are. Additionally, why would one buy BTC for long-term when the trend continues unravel to the downside? Thanks for the response.
LA_Designer
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@Tradersweekly, No one knows the EXACT bottom. My strategy is to accumulate when it's oversold on a macro level. If you buy BTC at 20K, or 15K, or 10K, does it really matter when BTC will eventually be worth 100K+ in the future?
Tradersweekly
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@LA_Designer, It is interesting that you say no one knows the exact bottom and then you say BTC is headed to 100k USD like with a guarantee.