The Technology Bear Market
There can be no doubt that Bitcoin has been caught up in the technology selloff. At its heart, Bitcoin is an internet stock.
There can be no doubt that Bitcoin has been caught up in the technology selloff. At its heart, Bitcoin is an internet stock.
Over Christmas, Ethereum has started to reassert itself. It is now outperforming Bitcoin with a ByteTrend Score of 5 in BTC.
Bitcoin’s ByteTrend Score is back to a 2. It is positive that the price is trying to stabilise and has not breached the April low.
Little wonder Bitcoin is slack, as the hot money has found a new toy to play with.
Bitcoin’s ByteTrend Score drops to 0., which means the trend is now bearish. The $100k level has been broken, and a bear market fits the four-year cycle thesis.
This has been the most disappointing October since the bear market of 2014, which saw a 12% drop. The uptrend is under threat.