Like clockwork, the onset of a crypto bear market has brought out the “Bitcoin is dead” crowd who gleefully proclaim the end of the largest cryptocurrency by market capitalization.
If #Bitcoin can collapse by 70% from $69,000 to under $21,000, it can just as easily fall another 70% down to $6,000. Given the excessive leverage in #crypto, imagine the forced sales that would take place during a sell-off of this magnitude. $3,000 is a more likely price target.
— Peter Schiff (@PeterSchiff) June 14, 2022
The past few months have indeed been painful for investors, and the price of Bitcoin (BTC) has fallen to a new 2022 low at $20,100, but the latest calls for the asset’s demise are likely to suffer the same fate as the previous 452 predictions calling for its death.
Resolute Bitcoiners have a bag full of tricks and on-chain metrics they use to determine when BTC is in a buy zone, and now is the time to take a closer look at them. Let’s see what time-tested metrics say about Bitcoin’s current price action and whether the 2021 bull market was BTC’s last hurrah.
Some traders always buy bounces of the 200-week moving average