Why The Bitcoin Bear Market Is Almost Finished
Analyzing Bitcoin against Gold suggests the current bear market is much further along than USD analysis indicates, potentially nearing its end.Summary
The article argues that analyzing Bitcoin's price action relative to Gold, rather than USD, provides a more accurate view of the current market cycle, suggesting the bear market is nearly over. When measured against Gold, Bitcoin began declining in December 2024, indicating a longer bear phase than USD analysis suggests. Historical bear cycles measured in Gold show drawdowns that are currently less severe than in previous cycles. Furthermore, applying Fibonacci retracement levels across multiple historical cycles when pricing Bitcoin in Gold reveals strong confluence points. These levels, when translated back into USD terms, suggest potential support zones between $67,000 and $80,000, implying that the bear market could be approximately 90% complete based on purchasing power metrics.
(Source：Bitcoin Magazine)