Is the Bitcoin washout (a.k.a. dump) over? These analysts think so.
Covered:
- Bitcoin Washout
- Supercycle In Full Swing
Bitcoin Washout
Bitcoin is doing better lately, but as some have pointed out, not everyone is ready to dive back in. The hesitancy is understandable. A lot of pundits are calling for another leg down before Bitcoin (and crypto for that matter) can head down. Bitcoin and stock analysts Stock Money Lizards disagree.
And, they have for a little while now.
“We are really in massively oversold territory, so we believe in a mere technical rebound as well, rather than in exact repeating numbers,” Stock Money Lizards said all the way back on July 10th.
Some in their mentions questioned whether they were drinking the Kool-Aid, especially with CPI data looming over Bitcoin.
“I question the relation between the the hikes in mid and long term. There has been no link in the past (you find some TA on twitter for this). If we look at the short term, it may have an effect, but which HODLer will be impressed by this,” Stock Money Lizards said.
Looks like they might have had a point. July saw a slow melt up. August has been the same so far.
But, last September we saw a pretty big drawdown. However, Stock Money Lizards believe we’ve seen a washout that’s comparable historically with previous bull cycles.
Bitcoin Washout: Supercycle In Full Swing
#Bitcoin
Reversal pattern reloaded. pic.twitter.com/Z9O9L6cahP
— Stockmoney Lizards ⚡️ (@StockmoneyL) August 3, 2022
As you can see in the above charts, the similarities between 2019 and 2022 are striking. Based on these charts it appears Bitcoin has made it through the hardest part.
“Final market washout happened again (-43%). Supercycle in full swing. BTC bullish,” Stock Money Lizards said.
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For more of Stock Money Lizards, check out their official site and Twitter.
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